Many people, media, and journalists suggest that ETF approval and GBTC outflows are the main reason behind the current BTC falloff in this early 2024. I wouldn't disagree, but I think there's still another reason on top of that too.

Technically speaking, if we take a look at the Weekly Candle Chart, I see that the new high of January 2024 at 48.9k was apparently met by a previous high, dated back from March 2022.

As you guys know that whales, banks, and institutions are notoriously known for looking to scoop some cheap buys at low prices, and await long-term to seek for a towering new high before taking profits.

What I see currently are, could be simply just them, doing the usual things they do year-in year-out.

Soar the price high. Meet a strong resistance in due time. Take a huge profit to pay dividends. And look for a new low buy after that. Repeat every year.

Though we have touched 39k recently, but the reversal move is believed to depend on whether BTC would be able to reach back 42k and stay above it this week. Otherwise, the seek of the bottom could continue well into 37k or below, before the dawn of fresh new bulls.

What do you guys think ? Feel free to comment below.