Discussions within the cryptocurrency community have been ignited by recent market shifts, with many indicating the possible end of the bull market post Bitcoin’s 16% decline from its record high of $73.6K on March 14th.

As the prevailing sentiment leans towards bearish trends, historical patterns suggest a likelihood of price reversals, often moving counter to popular trader expectations.

😧 The cryptocurrency community speculates that the bull market has concluded following Bitcoin’s 16% drop from its all-time high of $73.6K on March 14th. Concurrently, references to a bear market are on the rise. Typically, prices exhibit contrary movements to… pic.twitter.com/1fnGePwMV0

— Santiment (@santimentfeed) April 17, 2024

The current scenario, characterized by a rapid decrease in FOMO (Fear of Missing Out) and a surge in FUD (Fear, Uncertainty, and Doubt), sets the stage for a potential market recovery, either preceding or shortly after the halving event.

Insights from Intotheblock’s data suggest that Bitcoin is currently struggling at the $60k level, signifying a crucial point in the cryptocurrency’s price trajectory.

Bitcoin is encountering resistance at the $60k level. Here’s the latest on whale activity👇

🐋 The most significant whales, holding a minimum of 0.1% of the supply, have not commenced accumulation and even reduced their holdings marginally yesterday.

Notably, substantial positive flows linked to these addresses have… pic.twitter.com/VXWGdidDaw

— IntoTheBlock (@intotheblock) April 18, 2024

Although major whales, with substantial supply holdings, have yet to start accumulating and have slightly decreased their holdings recently, addresses with over 1000 BTC are displaying positive behavior.

These addresses are actively capitalizing on the market dip, significantly boosting their accumulation rate post the recent downturn. In the last week alone, these addresses have amassed around 16.3k Bitcoin, equivalent to nearly $1 billion at the current market value.

Bitcoin Whale Activity Monitoring Amid Ongoing Movements

Further data from Lookonchain highlights recent activity involving four wallets depositing 900 BTC (\(55.17M) to Binance within the last few hours. These BTC holdings were acquired from Binance three months ago and, if liquidated, would generate a profit of approximately \)13.91M.

We’ve observed 4 wallets depositing 900 \(BTC (\)55.17M) into #Binance in the past 3 hours.

The 900 \(BTC was procured from #Binance three months ago, and selling it would yield a profit of around \)13.91M.

Address:

bc1qkdlxstsa6ys3yz9nkge8ccmh207jky6ynsav6q… pic.twitter.com/ttGMj6LJZi

— Lookonchain (@lookonchain) April 18, 2024

Despite these positive signals, Bitcoin ETF net inflow on April 17, 2024, recorded a -$165M total, marking the fourth consecutive day of negative flows and indicating significant selling pressure in the market.

While BlackRock iShares Bitcoin Trust saw a daily inflow of $18.1M, the lowest in the past 37 trading days, other Bitcoin ETFs experienced outflows or neutral flows. Particularly, Grayscale Bitcoin Trust witnessed a notable increase in outflows compared to the previous day.

🚨 \(BTC #ETF Net Inflow on Apr 17, 2024: -\)165M!

• The continuous negative net inflow suggests robust selling pressure for the 4th consecutive day.

• Only #BlackRock iShares Bitcoin Trust \(IBIT saw a single-day inflow of \)18.1M, the lowest in the past 37 trading… pic.twitter.com/V2K7RNIpfU

— Spot On Chain (@spotonchain) April 18, 2024

These dynamics underscore the intricate nature of the current cryptocurrency market landscape, where both bullish and bearish signals play a role in shaping investor sentiment and market trends.

Disclosure: This content does not constitute trading or investment advice. It is advisable to conduct thorough research before engaging in cryptocurrency purchases or any investment activities.

For the latest updates on Crypto, NFT, AI, Cybersecurity, Distributed Computing, and the Metaverse, follow us on Twitter @nulltxnews !