The 2023-24 Bitcoin bull market has experienced a -26% drawdown on a closing basis, a figure consistent with prior uptrend cycles. Despite Bitcoin’s historical resilience, the recent correction marks the most significant decline since the FTX collapse, highlighting a particularly challenging period for market demand. However, larger stablecoin balances on exchanges have positively correlated with higher Bitcoin prices, indicating potential for upward movement. The 2023-24 #Bitcoin bull market drawdown has reached -26% on a closing basis, in line with prior uptrend cycles. Despite this resilience, the recent correction has been the deepest since the FTX collapse, marking one of the
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