• Bitcoin’s bull market reportedly concludes as its market value drops by 16%, according to Santiment.
• The cryptocurrency experienced a significant decline since reaching its all-time high of $73.6K on March 14.
• Traders witness a surge in bear-market mentions and negative funding rates, signaling a shift in sentiment.
• Despite a brief recovery, Bitcoin remains down 3% from yesterday’s price, hovering above $60K.

Bitcoin’s much-anticipated bull run appears to have come to a halt, marked by a substantial drop in its market value. Recent insights from Santiment shed light on the cryptocurrency’s downturn, raising concerns among traders and investors alike.

Bitcoin’s Rally Falters Amid Market Correction

Bitcoin, the flagship cryptocurrency, has encountered a setback in its bullish trajectory, as indicated by data from Santiment. Following its peak at $73.6K on March 14, Bitcoin has witnessed a notable decline in market value, signaling a potential end to the prevailing bull market sentiment. Notably, this downturn amounted to a significant 16% drop, prompting apprehensions within the crypto community.

The recent weeks have seen a shift in sentiment among Bitcoin traders, marked by a surge in bear-market mentions and a resurgence of negative funding rates. This reversal in sentiment contrasts starkly with the optimism surrounding Bitcoin’s upward momentum in March. Moreover, a substantial loss in long positions has contributed to a retracement in Bitcoin’s value, with millions of dollars vanishing from the market.