• Bitcoin price has dropped 2 percent today to an approximate of $23.4K.
• Bitcoin miners have reduced their sell pressure and whales are accumulating Sats.
• Popular crypto analyst Rekt Capital thinks Bitcoin will break the macro downtrend next month or in April.

The crypto market is abuzz as the price of Bitcoin has gone down today. After hitting its all-time-high of nearly $24k, the cryptocurrency has dropped to around $23.4k. This has led to speculations and opinions from the crypto community as to why the price of Bitcoin has suddenly dropped.

On-chain data shows that Bitcoin miners have reduced their sell pressure after taking profits in the past few weeks. Additionally, whales have been accumulating more Sats irrespective of the price volatility. This indicates that the market is still bullish and the price drop could be due to external factors.

The RSI indicator has formed a falling divergence which often leads to a price dump. Furthermore, the 50 and 200 WMAs have been acting as a support line for the past ten-plus years and may turn to a resistance line if the death cross occurs.

Popular crypto analyst Rekt Capital believes that Bitcoin will break the macro downtrend next month or in April. He recently tweeted that historically, Bitcoin tends to break the macro downtrend 366 to 396 days before the upcoming halving event. This suggests that the earliest the macro downtrend breakout could occur is in March or April.

It is worth noting that Bitcoin price is highly correlated with global market indexes, indicating that it is highly influenced by macroeconomic events. This could be the main reason behind the sudden drop in the price of Bitcoin. It is difficult to predict what the future holds for Bitcoin, but it is safe to assume that the price will be influenced by external forces.