2024

Bitcoin

Factor

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<ul> 
 <li>Bitcoin sellers struggle to ignite significant price corrections, a stark departure from previous bull cycles.</li> 
 <li>Even after hitting all-time highs, BTC price pullbacks have barely exceeded 20%, highlighting market strength.</li> 
 <li>“Market is absorbing hundred million dollar sell-side days…bears still haven’t managed a 20% pullback.” – Analyst Checkmate</li> 
</ul> 
<p><strong>Bitcoin’s resilience in 2024 surprises analysts. Discover why price corrections are milder than past cycles, and how factors like ETFs are fueling bullish sentiment. </strong></p> 
<h2 id="strong-bitcoin-bulls-absorb-selling-pressure-drawdowns-remain-limited-strong"><strong>Bitcoin Bulls Absorb Selling Pressure, Drawdowns Remain Limited</strong></h2> 
<p>Despite reaching all-time highs, Bitcoin (BTC) has defied bearish attempts to trigger major price corrections. This trend, analyzed by on-chain analyst Checkmate, marks a significant deviation from historical bull market patterns.</p> 
<h3 id="strong-shallow-corrections-signal-market-strength-strong"><strong>Shallow Corrections Signal Market Strength</strong></h3> 
<p>Checkmate highlights that even with profit-taking at price peaks, sellers have only managed a 20% pullback once since September 2023. Subsequent corrections haven’t exceeded 15.8%, underscoring the market’s ability to absorb significant selling pressure.</p> 
<h3 id="strong-a-departure-from-past-bull-markets-strong"><strong>A Departure from Past Bull Markets</strong></h3> 
<p>This resilience contrasts sharply with the 2019-2021 bull market, where pullbacks exceeding 50% were commonplace. Analysts are surprised that despite reaching new highs, Bitcoin has avoided deeper corrections in the current cycle.</p>
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<h3 id="strong-the-etf-factor-and-changing-dynamics-strong"><strong>The ETF Factor and Changing Dynamics</strong></h3> 
<p>The launch of US spot Bitcoin ETFs is seen as a key driver of this shift. These ETFs have accumulated over 500,000 BTC since their inception, creating strong buy-side support. This, combined with factors like low exchange BTC balances, fuels bullish sentiment for continued price discovery.</p> 
<h3 id="strong-conclusion-strong"><strong>Conclusion</strong></h3> 
<p>Bitcoin’s unexpected resilience in the face of selling pressure points to a maturing market and changing dynamics. While analysts acknowledge the potential for future corrections, the current trend highlights increased market strength and the potential for sustained bullish momentum.</p>

Bitcoin Defies Bearish Pressure: Why BTC Price Corrections Remain Shallow in 2024

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