Glassnode published a detailed analysis suggesting the Bitcoin bull cycle is still in effect although euphoria has cooled down substantially following the recent correction. April saw consistent selling pressure from all wallet sizes, which is an indication of a local bottom. The last time all groups of holders were selling was in September 2023 where Bitcoin price bottomed around $25,300.
Realised loss of short term holders (1-4 weeks) was the highest since the Bitcoin bear market bottom on November 22. Glassnode reports that panic selling for recent buyers tends to peak near local market lows.