Bitcoin sellers have been unable to trigger a significant market correction during this cycle, according to new analysis. The pseudonymous lead on-chain analyst at Glassnode, known as Checkmate, highlighted that Bitcoin price drawdowns have only reached a maximum of 20%. This is in stark contrast to previous bull markets, where there were two pullbacks of over 50%. Despite this, Checkmate noted that it is not a question of whether a correction will occur, but rather a matter of when. The recent launch of Bitcoin exchange-traded funds (ETFs) in the United States, which have purchased over 500,000 BTC, has contributed to the bullish sentiment surrounding Bitcoin’s price. However, experts have cautioned against over-optimism, emphasizing the need for careful analysis and research before making investment decisions.
Bears Lose Influence on BTC Price as Bitcoin Soaks Up Over $100 Million in 'Sell-Side Days'