According to Decrypt, Bitcoin's price movements are showing patterns similar to those seen before past bull market runs. On Wednesday morning in Europe, Bitcoin was trading for around $42,560, a 2.3% drop from the same time yesterday, but 6% higher than the BTC price a week ago. The narrative around prices at the start of the week was that Bitcoin was starting to gain on expectations that U.S. Federal Reserve Chairman Jerome Powell might drop hints about lowering interest rates later this year when he announces the Fed's rates later today. However, that optimism evaporated, and prices slid with it. Analysts at Glassnode, in their latest Insights blog post, noted that the current cycle remains marginally ahead of both the 2016-17 and 2019-20 periods, due in part to an extremely strong year in 2023. The main headwinds have come from Grayscale Bitcoin Trust (GBTC) redemptions, with around 115.6k BTC being redeemed from the GBTC ETF since conversion, creating significant market headwinds.