Despite a significant drop in the crypto market, sellers of Bitcoin have struggled to cause a major price drop during this cycle, according to a recent analysis. Checkmate, a leading analyst at Glassnode, shared on social media that Bitcoin's price has only decreased by around 20% in recent corrections.

When comparing this to previous bull markets, Checkmate noted that there were more significant pullbacks in past cycles. Despite selling pressure at all-time highs, the current market has shown stability, with large sell-offs being absorbed. Checkmate mentioned that the market is absorbing huge sell-side volumes, with no significant pullbacks so far.

During the previous bull market cycle from 2019 to 2021, Bitcoin's price dropped by over 50% on two occasions, including a 61.4% decline during the COVID-19 pandemic in March 2020. Despite these historical events, the market has shown resilience so far in the current cycle.

The introduction of Bitcoin exchange-traded funds (ETFs) in the US has played a significant role in the current market dynamics. Since their launch in January 2024, these ETFs have purchased over 500,000 Bitcoin, providing strong price support. Additionally, factors like decreasing Bitcoin balances on exchanges have contributed to positive investor sentiment.

Recent institutional movements have also affected the market. On April 4, 2024, Grayscale sold a substantial amount of Bitcoin, while Fidelity made a large purchase amidst a volatile market. Despite Fidelity's purchase, other spot Bitcoin ETF providers collectively increased their holdings. Grayscale remains the largest holder of Bitcoin, followed by BlackRock and Fidelity.

Bitcoin is currently trading around $66,900, showing nearly 1% upside momentum in the last 24 hours. Over the past 7 days, Bitcoin has experienced a 5% downside momentum despite drops and corrections, with a 0.1% momentum in the last 30 days.