Bitcoin exceeds 95 thousand dollars despite the weak Blockchain activity – Analysis Company explains the reason
Historically, the price of bitcoin is an indication of the health of Blockchain, with a large activity often associated with strong and positive work. However, it seems that the largest coded currency market has seen a major shift, although now less in response to chain activity changes.
For example, the bitcoin price continues to obtain more than $ 95,000 and it seems that it is scheduled to recover the level of $ 100,000 despite the constant decrease in the Blockchain activity. The series analyzes have created a way and why this could be possible for the leading cryptocurrency.
Why is the BTC price less related to the activity on the series
Alphractal encryption analysis platform subscriber In a new post on X, the Bitcoin price is able to stay standing on its feet despite the volume of transactions and active addresses at low levels. According to the company, the rise in BTC prices is not necessarily associated with an increase in Blockchain use.
First, Alphractor acknowledged that the Bitcoin market witnessed a dynamic shift when the immediate exchange funds of the United States (ETFS) were approved in January 2024. The BTC value is now led by capital flows through these financial products instead of Blockchain activity.
Source: @Alphractal on X
The company also stated on the series that the historically low fluctuations in the market had a major role to play in the low bitcoin network activity. With a relatively low price movement, traders are less motivated to take new situations, leading to a decrease in activity on the chain.
In addition, Alphractor stated that the price of Bitcoin has been largely on its feet through the activities of speculative merchants through derivatives and other financial tools. As a result, there was a decrease in daily adoption and limited practical demand on Bitcoin.
Alphractor also has alluded to the total economic uncertainty that has led to the cover of global financial markets in recent weeks. According to the series of analyzes on the series, this market condition, despite the improvement, has most of the investors who are waiting for more clear ups before making any step.
Finally, Alphractal is highlighted the sizes of artificial exchange among the main causes of the price of bitcoin standing on his feet. The platform added on the series: “Some exchange of exchange may be amplified, which creates a misguided feeling of activity while using the real network remains modest.”
Bitcoin price at a glance
From writing these lines, the BTC price is about 96,150 dollars, which reflects a decrease of more than 1 % in the past 24 hours. Despite the movement of volatile prices this weekend, the first cryptocurrency is almost 2 % on the weekly timetable, according to data from Coingecko.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Distinctive image from Istock, tradingvief chart
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