Low Demand for Bitcoin at Higher Prices Contributes to Price Decline
- CryptoQuant’s head of research, Julio Moreno, highlights a recent decline in Bitcoin demand at higher prices.
- The Bitcoin Apparent Demand metric has turned red over the past few weeks, indicating negative short-term demand.
- Long-term holders have been selling their BTC holdings significantly over the past month.
- Despite some growth in the one-year Apparent Demand, its pace is slow and remains below the critical moving average.
- BTC price has decreased by approximately 9% over the last seven days, currently around $103,900.
The lack of sufficient demand to absorb Bitcoin supply at higher prices has resulted in a declining market trend recently. While long-term holders are offloading their assets, short-term demand remains negative as indicated by the Apparent Demand metric turning red.
This downturn reflects a similar pattern seen earlier this year during a bearish phase when Bitcoin experienced extended periods of low short-term demand. (Source)
