CryptoQuant notes that the market currently lacks strong bullish momentum, which has caused the price of Bitcoin to decline below the key support level of $65,900.
According to experts, traders are in no hurry to replenish their asset reserves, and demand from large participants is weak. In addition, there was a drop in the volume of open positions in Bitcoin futures amounting to $1.2 billion over the past week.
Against the backdrop of decreased market activity, the Bitcoin network has seen a decrease in the number of transactions per second. According to experts, for Bitcoin to exit the stagnation zone, a decisive movement in value in any direction is necessary.
According to experts, it is premature to expect Bitcoin to overcome the $70,000 mark in the short term, and forecasts about a sharp increase in the price of BTC do not have sufficient grounds.
Earlier, CryptoQuant reported that bitcoin reserves in crypto exchange wallets dropped to their lowest levels in the last three years and amounted to only 2,825,703 BTC.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
