Bitcoin's recent price rebound suggests a return to highs, yet new analysis highlights warnings regarding weakening buyer interest.
New Metric Indicates Declining Demand for Bitcoin
According to an analysis published on June 29, the 'apparent demand' metric for Bitcoin has turned negative, indicating that new buyer interest is not keeping pace with the supply from miners and long-term holders. This metric compares the level of new buyer interest with the market supply, suggesting that the current price range may represent a local peak.
Current Bitcoin Price and Technical Analysis
At the time of writing, Bitcoin is trading at $108,190, a 0.8% increase in the last 24 hours. Over the past week, the price fluctuated between $100,546 and $108,706, remaining 3% below its all-time high of $111,814 set on May 22. Technically, Bitcoin is trading in the upper range of its Bollinger Bands, with a close above the 20-day moving average indicating short-term bullish momentum.
Future Macroeconomic Factors and Their Impact on Price
Upcoming macroeconomic events could significantly influence market movements. Traders will closely monitor statements from central bank leaders at the European Central Bank forum this week. Jerome Powell, the Federal Reserve Chair, is scheduled to speak on July 1, and his recent comments indicate that the Fed is not in a rush to cut interest rates. In the absence of strong apparent demand and negative macroeconomic projections, Bitcoin may struggle to break through resistance without fresh catalysts.
In conclusion, while Bitcoin shows some growth, signs of weak demand and uncertainty in the market may impact its future dynamics.
