Cryptocurrency market sentiment cooled at the beginning of the week, with the pullback extending from key levels in both on-chain indicators and technical analysis. The area around $80,000 once again proved to be a psychological barrier that the market has been unable to break at this stage of the rebound. Importantly, in recent days we have observed accelerated Bitcoin distribution from large addresses, including whales. This alone does not necessarily signal a return to a downtrend, but it does raise significant doubts about the sustainability of the current recovery. Bitcoin is up almost 30% from the February low, which support profit realization.

Bitcoin (H1 timeframe)

Bitcoin retraced from around…