$BTC
is back around $80K, but I’m having a hard time getting bullish on this recovery.
Especially looking at the demand data.
CryptoQuant’s 30-day apparent demand has been negative for most of the period since late August, with the latest reading sitting around -160K BTC.
What’s striking is how little the price has responded compared to the deterioration in demand.
BTC recovered above $85K in late September and held relatively high levels through much of October, even as apparent demand remained negative.
That suggests price resilience, but it also raises questions about what’s actually supporting the market.
The brief improvement in early October didn’t last, and the 30-day demand average has started rolling over again.
I’m watching whether demand can recover before price makes another serious attempt higher. #Bitcoin Price Prediction: What is Bitcoins next move?# #BTC Price Analysis#
is back around $80K, but I’m having a hard time getting bullish on this recovery.
Especially looking at the demand data.
CryptoQuant’s 30-day apparent demand has been negative for most of the period since late August, with the latest reading sitting around -160K BTC.
What’s striking is how little the price has responded compared to the deterioration in demand.
BTC recovered above $85K in late September and held relatively high levels through much of October, even as apparent demand remained negative.
That suggests price resilience, but it also raises questions about what’s actually supporting the market.
The brief improvement in early October didn’t last, and the 30-day demand average has started rolling over again.
I’m watching whether demand can recover before price makes another serious attempt higher. #Bitcoin Price Prediction: What is Bitcoins next move?# #BTC Price Analysis#
