In recent days, Bitcoin has shown promising signs of recovery, gaining 3.31% in the last week to trade above $43,000. According to a Coinbase Bitcoin 2024 report, this positive momentum is not just a fleeting trend but could pave the way for a significant bullish turn in the second quarter of 2024.

Bitcoin price 1-hour chart since Jan24, 2024 — Source: TradingViewDownside Pressures Diminishing: A Turning Tide

Coinbase analysts highlight a crucial factor in bitcoin’s upward trajectory – the diminishing downside pressures. These pressures, which had been exerting a drag on the Bitcoin market, are becoming exhausted. The completion of FTX’s bankruptcy estate selling 22 million GBTC…

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