Bitcoin’s recent volatility in the London session on April 30 might have caused some concern, but data from IntoTheBlock now reveals a more solid market landscape. In a recent analysis, the blockchain analytics platform reported that Bitcoin is currently in a mid-bull cycle, reaffirming the market’s strength despite price fluctuations.

Although Bitcoin has experienced a significant pullback, leading some to believe it was exacerbated by whale selloffs, IntoTheBlock’s data paints a different picture. It shows that the majority of BTC holders, a striking 86%, are still in profit despite the recent market correction. This resilience suggests that the market is in a consolidation phase following the notable gains in Q1 2024.

Bitcoin, currently approaching the $60,000 mark, has retraced around 16% from its all-time highs, indicating a cooling off period after substantial growth in the first quarter. Analysts are closely monitoring key support levels at $60,000 and $61,000, while resistance is noted at the $68,000 mark, a level that bulls have been unable to conquer since April 22.

The confidence in the market’s stability is highlighted by the MVRV ratio of 2.17, signaling that Bitcoin holders are mostly in a neutral position. Historically, an MVRV ratio above 3.7 has triggered extreme sell-offs, so the current ratio suggests that investors are generally optimistic.

However, there are potential roadblocks that could impact the market’s trajectory. IntoTheBlock has observed significant trading volume, with whales engaging in transactions of over $100,000, generating more than $91 billion in trading volume over the past week. This activity indicates that deep-pocketed investors, including institutions, might be entering or exiting the market, which could either slow down the current uptrend or, conversely, accelerate the rally.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.