On-chain aspects:

The chips that have been held for more than 6 months and then re-entered circulation have declined to levels seen in the late mid-term of the 2022–23 bear market. Both realized profits and realized losses have shrunk, and on-chain trading volume remains sluggish.

In plain language: there are fewer dumpers, and more buyers rushing in.
The spot CVD (cumulative volume difference) has been steadily recovering since November, and has now entered positive territory. The trading volume of buy orders at market price has begun to surpass that of sell orders at market price, just 1.5% away from the historic threshold at the bottom of the bear market.

Actually, after a barrage of alarming “war, inflation, and rate hike expectations” throughout March, the bears surprisingly failed to push down the price of BTC, which itself is a signal.

Supplement to Chart 2: The current 78-80k points to two important bull-bear dividing lines
- Real average price
- On-chain short-term holder average cost price