Recent analysis from CryptoQuant reveals a slowdown in Bitcoin demand, which may affect market trends and prices.
Bitcoin Demand Status
According to the latest data from CryptoQuant, the growth rate of Bitcoin demand has slowed significantly. Although there was an increase in spot demand, adding approximately 118,000 BTC over the last 30 days, this figure is less than half of the peak observed earlier. This indicates a noticeable decline in buying pressure.
CryptoQuant Analysis
CryptoQuant provides unique analytical insights based on blockchain data analysis. This allows for monitoring transactions and market participant behaviors. Recent data indicate a slowdown in aggressive accumulation of Bitcoin by both financial institutions and large holders. For instance, the growth rate of whale holdings has decreased from 3.9% to 1.7%.
Potential Support Levels for Bitcoin
The cooling demand could put pressure on prices. CryptoQuant analysis suggests that key support levels are located around $92,000 and $81,000. These levels might influence market conditions in case demand continues to weaken and selling pressure increases.
The CryptoQuant analysis highlights a cooling trend in Bitcoin demand, which could significantly impact market prices. Investors should closely monitor market reactions around key support levels.
