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

  • Bitcoin sellers struggle to ignite significant price corrections, a stark departure from previous bull cycles.
  • Even after hitting all-time highs, BTC price pullbacks have barely exceeded 20%, highlighting market strength.
  • “Market is absorbing hundred million dollar sell-side days…bears still haven’t managed a 20% pullback.” – Analyst Checkmate

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.

Bitcoin Bulls Absorb Selling Pressure, Drawdowns Remain Limited

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.

Shallow Corrections Signal Market Strength

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.

A Departure from Past Bull Markets

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.

The ETF Factor and Changing Dynamics

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.

Conclusion

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.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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