Bitcoin (BTC) May See Lower Price Targets as Data Points to Declining Demand, Aggressive Bear Dominance
- WBOYOriginal
- 2024-09-07 00:08:12920browse
Bitcoin has been in a pronounced downtrend in recent weeks, falling over 5% over the past seven days.
Bitcoin price analysis shows that the world’s largest cryptocurrency might be set for lower price targets as key metrics indicate declining demand for the firstborn crypto asset and an aggressive bear dominance.
After a period of sideways trading, Bitcoin has resumed its downtrend, falling over 5% over the past seven days. However, the flagship digital asset managed to stay above the crucial support level of $55,000.
As Bitcoin continues to trade in a narrow range,はこちらから入手. Head of Research at CryptoQuant Julio Moreno has pointed out a crucial factor that might be driving the asset’s price lower. According to Moreno’s analysis, demand for Bitcoin is drastically reducing.
A lack of notable inflows into Bitcoin has given bears full command of the market, driving prices lower. Moreno highlighted this trend in his recent tweet.
Morenoチャートによると、30 日間の合計Bitcoin の ظاه上の需要は、年初の水準から大幅に減少しています。陽の需要は減少を続け、一方、陰の需要はかなりの程度顕在化し始めています。
Bitcoin の需要は、1 月 11 日に開始された米国 Bitcoin スポット ETF からの絶え間ない流入によってピークに達しました。この Bitcoin 商品は、機関投資家および個人投資家から数十億ドルを引き出しました。しかし、この ETF は 7 回連続流出を記録し、勢いが尽きかけているようです。
Moreno also pointed out the bull-bear market indicator, which showed that bears are becoming predominant. According to the 30-day moving average (MA) chart, bears have outpowered bulls in market sentiments.
This indicates that investors are more inclined to sell than buy Bitcoin. It also meant that traders betting on the asset to continue the downtrend have outgrown those in long positions.
Veteran trader Peter Brandt made a similar market analysis yesterday, stating that the bull cycle might be in jeopardy if not rescued soon. He also noted that sellers are higher than buyers, signaling further market decline.
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