Bullish signs for Bitcoin:

Subsidized selling pressure: According to Coinbase analysts, several technical factors that have been exerting downward pressure on Bitcoin, such as the completion of FTX's GBTC selling, are beginning to wane.

Rising inflows into Bitcoin ETFs: Net inflows into U.S. spot Bitcoin ETFs have averaged over $200 million per day in the past week, indicating strong investor interest.

Positive macro factors:

The Federal Reserve's recent decision to postpone its quantitative tightening program and the possibility of rate cuts starting in May could create a more supportive environment for Bitcoin.

The U.S. economy seems to be heading for a soft landing, with inflation under control and economic growth persisting.

Potential impact of Bitcoin halving:

The combination of diminishing downward pressure and the upcoming Bitcoin halving in May could potentially boost the price of Bitcoin and other cryptocurrencies in Q2 2024.

Note:

This is just an analysis from Coinbase and not investment advice.

The cryptocurrency market is still highly volatile, so caution is advised when participating.

Summary:

Downward pressures on Bitcoin are easing, and the market may become more bullish.

Rising inflows into Bitcoin ETFs and potential U.S. monetary policy easing are supportive factors.

The upcoming Bitcoin halving is another noteworthy event.