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CryptoQuant Head Reveals Low Demand Driving Bitcoin Price Decline
CryptoQuant's head of research highlights a recent decline in Bitcoin's demand at higher prices, possibly explaining its price drop.
Key Points:
- The "Apparent Demand" metric for Bitcoin has turned red recently, indicating low short-term demand.
- Long-term holders have been selling significant amounts of Bitcoin over the past month.
- Current short-term demand (30-day Apparent Demand) is negative, while long-term demand (1-year) shows slow growth but remains below the 90-day SMA.
- The last similar phase of negative short-term demand occurred during a bearish market earlier this year.
BTC Price
- Bitcoin is currently priced around $103,900, showing a 9% decrease over the past week.
