Note (red rectangle) that the whales began to eat liquidity a month before the March drop: the number of large BTC holders fell rapidly. Directly in the days of the drop, buyers were already exhausted, which worsened the already terrible fundamental situation.
In comparison (green rectangle), the current 9k-10k flat situation looks much more stable. Sales of large holders, at least for now, are covered by a sufficient influx of fiat and there is no fuel for a strong drop at the moment. Thus, the market is in a state of near equilibrium with a predominant probability of flat and slow growth if positive fundamentals are maintained. Historically, this is the most favorable situation for the altseason.