The current situation in the crypto market has investors wondering about short-term price movements. Similar to a trend seen in 2019, the market experienced a long-term consolidation after a local peak. However, IntoTheBlock notes that the data tells a different story.

The crypto market, which entered 2024 with high expectations, was hopeful that BTC would see new highs. However, macroeconomic uncertainties and recession concerns are creating a negative atmosphere in the market.

The BTC price is currently under pressure and there is no upward momentum. The large amount of money exiting spot Bitcoin ETFs indicates that investor interest is decreasing. The decline in Google searches and the decline in crypto app rankings also support this situation.

IntoTheBlock emphasizes that while historical data suggests that this move could be a post-halving drop, there is no clear answer and investors should remain open to possibilities. 📉🔍