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Bitcoin has been consolidating for nearly a month after a sharp decline from its high. While the market remains sluggish, there are no signs of a crash, and this trend looks somewhat similar to late 2022.
Several signals are worth noting: the weekly RSI has entered the oversold zone, and the Fear & Greed Index has dropped to extreme fear levels. Have you noticed that almost no one is discussing market trends in the crypto trading groups now? On CT, it's all doomsday talk, and market sentiment has hit rock bottom.
However, based on on-chain data, the situation might not be as bleak as it seems. The distribution activity of large BTC holders has noticeably weakened, and institutions and whales are quietly accumulating. The support levels below are holding quite steady. In simple terms, when everyone is bearish, smart money might already be positioning.