I noticed an interesting signal on BTC right now. The realized losses have dropped to almost zero this month, which has always historically preceded significant rebounds. That means very few people are selling at a loss at the moment, so sellers are starting to run out of steam. It's a pattern we see recurring regularly when the market changes direction.

What reinforces this observation is that 60% of BTC supply has remained stable over the past 12 months, and long-term holders are accumulating. The price has consolidated nicely between 60k and 70k over the past three months, forming a solid support. Of course, short-term sellers are still putting pressure, but the overall behavior of long-term accumulators suggests we might see a new attempt toward 80k.

BTC rose about 15% in early April and is currently testing resistance levels in this zone. The RSI is rising, participation is gradually returning. Some analysts believe we're entering a bullish phase at least in the short term. After all, the market participation data and the fear and greed index, which recently spiked, support this view. Given what we've seen in recent weeks with macro factors suppressing the market, we still need to be cautious. But technical signals are starting to align, for sure. Stay tuned.