Bitcoin Nears Potential Bottom, But Demand Conditions Remain Unfavorable: CryptoQuant
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CryptoQuant's weekly report finds historical on-chain data indicate bitcoin (BTC) may be nearing a bear-market bottom, but unfavorable spot and speculative futures demand leave that bottom unconfirmed. The report warns BTC must significantly recover in the coming weeks or risk plunging to lower price levels, highlighting continued downside risk for crypto traders and investors.
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Historical on-chain data suggest that bitcoin (BTC) may be nearing a bottom in this bear market, but demand conditions signal the asset still has a long way to go.
According to this week’s CryptoQuant report, the unfavorable spot and speculative futures demand conditions leave the BTC bottom unconfirmed. Either BTC significantly recovers in the coming weeks or the asset plunges to lower price levels.
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