To confirm the return of the bull market, Bitcoin needs to effectively stand above $67,200, otherwise it may still fluctuate in the range.

The reasons for the recent decline are summarized as follows:

1. Bitcoin has risen for seven consecutive months. The last time a similar phenomenon occurred was in 2013. The market needs a break.

2. BLACKROCK's ETF has no inflows for two consecutive days, ending a 71-day inflow, indicating that short-term investors have begun to take profits and even stop losses.

3. Geopolitical tensions have had an impact on the market.

4. CPI inflation is higher than expected, and Treasury yields are rising.

5. GBTC continues to flow out. Click the main leaf to follow the official account: Bifangshe, free entry.

6. Bitcoin halving has caused miners to sell Bitcoin for upgrading equipment and relocating mining locations.

However, it is expected that the market may pick up again in May and some positive changes will occur.