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Bitcoin might have posted the deepest correction since the FTX crash in November 2022, dipping over 20% from its all-time high of around $74,000. However, Glassnode analysts, while sharing their&nbsp;<a class="editor-rtfLink" href="https://twitter.com/glassnode/status/1788557758729437281" target="_blank" rel="noopener nofollow">preview</a>&nbsp;on X, remain cautiously optimistic.&nbsp; 
<img loading="lazy" decoding="async" class="size-full wp-image-607488" src="https://www.newsbtc.com/wp-content/uploads/2024/05/GNI7tTjWwAAWfcI.jpg?resize=1024%2C590" alt="BTC corrections | Source: Glassnode via X" width="1024" height="590" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/GNI7tTjWwAAWfcI.jpg?resize=1024%2C590?w=4096 4096w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNI7tTjWwAAWfcI.jpg?resize=1024%2C590?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNI7tTjWwAAWfcI.jpg?resize=1024%2C590?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNI7tTjWwAAWfcI.jpg?resize=1024%2C590?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNI7tTjWwAAWfcI.jpg?resize=1024%2C590?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNI7tTjWwAAWfcI.jpg?resize=1024%2C590?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNI7tTjWwAAWfcI.jpg?resize=1024%2C590?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNI7tTjWwAAWfcI.jpg?resize=1024%2C590?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNI7tTjWwAAWfcI.jpg?resize=1024%2C590?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="bitcoin-drops-20-from-march-high-but-glassnode-is-bullish">Bitcoin Drops 20% From March High, But Glassnode Is Bullish</h2> 
Glassnode notes that the Bitcoin “macro uptrend still appears to be one of the more resilient in history” and that though corrections have been made, they are relatively shallow. With this position, the blockchain analytics platform confirms that the coin has improved with liquidity rising, reducing volatility. 
Following the correction from March 2023 highs, Bitcoin has struggled to maintain the uptrend. So far, BTC has support at around $60,000, but a&nbsp;key&nbsp;reaction level to watch is $56,500 on the lower side. On the flip side, if prices recover, breaking above $66,000, BTC might rally, even breaching $72,000 and later $74,000. <a href="https://www.tradingview.com/x/YPurRy5M/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/YPurRy5M/" alt="Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
However, for bulls to find support and prices to rally, triggers would be from fundamental factors. Though price action structure might offer support, price catalysts are, as history shows, related to market events. 
As Glassnode observes, the robust macro trend, bullish for Bitcoin, has tapered volatility, helping maintain the uptrend. The increasingly shallow corrections, as the blockchain analytics platform notes, point to a more mature market backed by more institutions. 
<h2 id="whales-accumulating-as-institutions-eye-btc">Whales Accumulating As Institutions Eye BTC</h2> 
Confidence remains high. On-chain data <a href="https://twitter.com/invest_answers/status/1788724045573497328" target="_blank" rel="noopener nofollow">reveals</a> that one whale has taken advantage of the relatively low prices and the correction to stack coins. 
In the last week, the whale bought over 100 BTC, pushing the amount of coins bought this month to over 7,257 BTC. This aggressive accumulation suggests that the whale, even at the current multi-year high, Bitcoin could be undervalued. 
<img loading="lazy" decoding="async" class="size-full wp-image-607489" src="https://www.newsbtc.com/wp-content/uploads/2024/05/GNLShLtaEAA5Lhu.jpg?resize=990%2C170" alt="BTC whale accumulating | Source: Analyst on X" width="990" height="170" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/GNLShLtaEAA5Lhu.jpg?resize=990%2C170?w=990 990w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNLShLtaEAA5Lhu.jpg?resize=990%2C170?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNLShLtaEAA5Lhu.jpg?resize=990%2C170?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNLShLtaEAA5Lhu.jpg?resize=990%2C170?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/GNLShLtaEAA5Lhu.jpg?resize=990%2C170?w=750 750w" sizes="(max-width: 990px) 100vw, 990px" data-recalc-dims="1"> 
There could be more Bitcoin tailwinds incoming. For instance, this week, former United States president Donald Trump started accepting crypto donations in the ongoing campaign. This shift of stance has been bullish since Trump dismissed Bitcoin earlier.&nbsp; 
While this happens, European regulators appear open to approving Bitcoin as an investable asset within Undertakings for Collective Investment in Transferable Securities (UCITS) funds. If this goes through, it could unlock more billions into Bitcoin from European institutions. 
This move is massive, considering that banking giants like Morgan Stanley and <a href="https://www.newsbtc.com/chainlink-news/four-reasons-why-investors-are-bullish-on-chainlink/" target="_blank" rel="noopener ">BNP Paribas</a> are already exploring ways for their clients to invest in BTC. 
Related Reading: <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-short-term-nupl-value/" target="_blank" rel="noopener ">Bitcoin Short Term NUPL Value Turns Negative, What This Means For Price</a> 
From a macro level, the&nbsp;rising M2 money supply in the United States amid concerns from the United States Federal Reserve that inflation is high might further buoy Bitcoin demand. BTC, like gold, is considered a safe haven, a hedge against inflation since its supply is designed to be deflationary.&nbsp;

Bitcoin Down 20% From March But Glassnode Analysts Are Very Bullish: Here’s Why

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