April

Despite a massive fall in the crypto market, Bitcoin sellers still struggled to trigger a traditional major price drop during this cycle, as a recent analysis suggests. On April 5, 2024, a leading analyst named Checkmate at Glassnode made a post on X (previously Twitter), revealing that Bitcoin’s price has only dipped by about 20% at most in recent corrections. Bitcoin market amidst recent corrections 
Comparing this to past bull markets,Checkmate pointed out that previous cycles experienced more significant pullbacks. In the current cycle, despite some selling pressure at all-time highs, Bitcoin’s price has remained relatively stable, with the market absorbing large sell-offs. Checkmate stated, 
“Market is absorbing hundred million dollar sell-side days, and the bears still haven’t managed a 20% pullback.”
However, in the previous bull market cycle between 2019 and 2021, there were two times when Bitcoin’s price dropped by over 50%. Even during the COVID-19 pandemic in March 2020, the price fell by 61.4%.
Examining these results, Checkmate highlighted the surprising resilience of the market this time around. While acknowledging that a major pullback could still happen, he noted the massive absence of such a correction thus far.
One significant factor influencing the current market dynamics is the introduction of Bitcoin exchange-traded funds (ETFs) in the United States. Since their launch in January 2024, these ETFs have bought over 500,000 Bitcoin, providing strong support for the price.
In addition to ETFs, other factors like decreasing Bitcoin balances on exchanges are contributing to bullish sentiment among investors. Despite the success of ETFs, experts caution against overly optimistic expectations, reminding observers that market fluctuations are normal, even for ETF products. Recent market activities and institutional movements 
Besides, recently on April 4, 2024, <a href="https://news.todayq.com/btc-soars-3-despite-grayscales-85mln-bitcoin-sell-off/" rel="noopener noreferrer nofollow">Grayscale</a>, a major asset management firm, sold a significant amount of Bitcoin, totaling 1,252 BTC worth $84.5 million, amidst a volatile market showing mixed sentiments. However, at the same period, Fidelity, another asset management giant, made a massive purchase of 1,771 BTC worth around $119.5 million.
Despite Fidelity’s purchase, nine other spot Bitcoin ETF providers, including Grayscale, collectively added 1,991 BTC to their holdings. Although Grayscale remains the top holder of Bitcoin with over 328K BTC, followed by BlackRock and Fidelity.
Currently, Bitcoin is trading near $66,900, and in the last 24 hours, it experienced nearly 1% of upside momentum. If we look at Bitcoin over a longer period, in the last 7 days, despite massive drops and massive price corrections, Bitcoin experienced a downside momentum of 5%. Whereas, in the last 30 days, Bitcoin experienced a decent 0.1% momentum.

Bitcoin’s strong performance absorbs $100 mln of sell-off, What’s next?

Todayq News

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