BTC31011

06/20 12:37

Bitcoin Could Fall to $92K If Demand Continues to

Bitcoin Could Fall to $92K If Demand Continues to Fall: CryptoQuant h

Bitcoin's price momentum appears to be losing steam as on-chain and market indicators point to softening demand, raising the possibility of a deeper pullback. According to a June 19 article by CryptoQuant's head of research, Julio Moreno, the pace of Bitcoin accumulation

btc

1.14%

has slowed noticeably over the past few weeks after its rally to an all-time high of around $112,000 in May.

Apparent demand growth has slowed to 118,000 BTC over the past 30 days, nearly half of the 228,000 BTC gain seen in late May.  Moreno also noted that U.S.-listed whales and ETFs have cut their Bitcoin purchases by more than 50%, while short-term holders have lost 800,000 BTC since May 27, a sign that new investor participation is waning.

After Bitcoin failed to hold above $110,000, futures data shows a tactical shift as traders took profits and opened new short positions. As Bitcoin fell toward the $105,000 range, there was an increase in short interest, according to CryptoQuant’s Traders’ Behavior Dominance metric.

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