Bitcoin has continued its bearish momentum as its price has now slipped below $56,000. Here’s what could be behind this trajectory, according to CryptoQuant’s Head of Research.
Bitcoin On-Chain Metrics Are All Giving Bearish Signals Right Now
In a new thread on X, CryptoQuant Head of Research Julio Moreno has discussed why the original cryptocurrency has been struggling recently. “Bitcoin price is down simply because there is no demand growth,” notes the analyst.
To showcase how demand for the asset has been looking like, Moreno has shared the chart for the “Apparent Demand” indicator, which leverages on-chain data to estimate the 30-day demand for BTC among investors.
According to the above graph, demand for Bitcoin had been high earlier in the year, according to this indicator. Still, after peaking in April, the indicator sharply declined towards zero.
Since then, the Apparent Demand has continued to consolidate around this neutral level, which may be why the
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