While Bitcoin (BTC) tries to recover from the effects of tensions in the Middle East, the demand for digital assets dries. Market experts from the intelligence company in the Cryptoquant series have discovered that the demand for bitcoin enters a slowdown period.
According to the latest Cryptoquant Weekly a reportThe low demand for bitcoin comes after a period of acceleration, the BTC price paid about $ 112,000. The metrics of absolute channels currently show their most negative recorded reading -2 million BTC.
The demand for bitcoin weakens
Cryptoquant revealed that the immediate demand for bitcoin continued to grow, but at the rate of expansion. Obvious demand growth has decreased to 118,000 BTC over the past 30 days, compared to 228,000 BTC registered on May 27. The scale also ranges from its 30 -day moving average, indicating that the demand for BTC weakens.
The Bitcoin whale and the boxes circulating on the stock exchange (ETFS) transferred its purchases. The expansion of whale balances decreased to 1.7 % per month (MOM) from 3.9 % as of May 27. The daily BTC purchases from ETFS also decreased from local peak on April 23 from 9700 BTC to 3300 BTC today.
In addition, the demand from the new participants entering the Bitcoin market is low, and the momentum has become generally negative. Short -term holders are now 4.5 million BTC, a decrease of 0.8 million BTC from 5.3 million BTC on which they control as of May 27.
Moreover, investors in the BTC futures market have sold profit locking and currently open new short jobs. Cryptoquant said that the Bitcoin behavior scale shows that the participants have emptied their coins to make profits after BTC reached $ 110,000 last week. After that, they opened new short sites with less than 105,000 dollars amid the increasing tensions between Israel and Iran.
What do you expect
In order to face a constant mass, whales and investment funds circulating need to increase its demand for the encrypted currency. New investors also need to buy BTC from the old, which expands the short -term balances.
If the demand continues to decline, BTC may decrease to less than $ 100,000 and decrease to the support area near 92,000 dollars. The encryption assets were about 102,700 dollars at the time of this report in the wake of the attacks from the United States against Iran.
Meanwhile, Cryptoquant set 92,000 dollars as the price of merchants investigating the chain, which often served in prices during the bull markets. If BTC decreases to less than this level, it may be drowned to $ 81,000, which is distinguished as the bottom of the price investigators of traders.
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