The recent downward trend in Bitcoin’s price is linked to a decrease in demand, as explained by a crypto researcher amid market corrections.<\/p>\n
In a detailed analysis on the X platform, Julio Moreno from CryptoQuant highlighted the correlation between the latest Bitcoin price correction and dwindling demand, using the apparent demand metric.<\/p>\n
Apparent demand estimates are significant in financial markets to gauge demand levels by comparing production and inventory shifts, offering insights into the market trend.<\/p>\n
For cryptocurrencies like Bitcoin, apparent demand is determined through inactive supply, indicating the amount of Bitcoin stagnant for a specific duration.<\/p>\n
Moreno emphasized that the 1-year inactive supply chart acts as an indicator for inventory levels, showcasing BTC that remains inactive for over a year.<\/p>\n
The data from CryptoQuant shows a recent outflow of approximately 23,000 BTC from the 1-year inactive supply, signaling a decline in demand as long-term investors prefer to sell or transfer their holdings.<\/p>\n
This decline in demand has consequences on Bitcoin’s value, with lower demand contributing to the recent price correction, as noted by CryptoQuant’s head of research.<\/p>\n
Extensive movement of BTC from long-term holders to the market increases the supply, exerting downward pressure on prices. Insufficient buying activity in the market to absorb the surplus supply can trigger price drops.<\/p>\n
A Weekly report from CryptoQuant indicates a significant drop in Bitcoin demand post the introduction of US spot exchange-traded funds in Q1. With prices currently on a decline, an upsurge in BTC demand could potentially reignite the ongoing bull run.<\/p>\n
Presently, the Bitcoin price hovers around $60,790, reflecting a 1.6% decrease over the past week. According to data from CoinGecko, the leading cryptocurrency has fallen by nearly 6% in the past week.<\/p>\n
<\/p>\n
Featured image from iStock, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The recent downward trend in Bitcoin’s price is linked to a decrease in demand, as explained by a crypto researcher amid market corrections. Understanding the Falling Bitcoin Demand In a detailed analysis on the X platform, Julio Moreno from CryptoQuant highlighted the correlation between the latest Bitcoin price correction and dwindling demand, using the apparent […]<\/p>\n","protected":false},"author":1,"featured_media":14776,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Insight into Bitcoin Price Correction Due to Decline in Demand - Bitrabo","description":"The recent downward trend in Bitcoin's price is linked to a decrease in demand, as explained by a crypto researcher amid market corrections. Understanding the F"},"footnotes":""},"categories":[316],"tags":[448,5543,2467,1717,1412,2679,537,467,5544,4225],"class_list":["post-14775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin","tag-bitcoin-demand","tag-correction","tag-decline","tag-demand","tag-explains","tag-latest","tag-price","tag-price-correction","tag-researcher"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/14775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=14775"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/14775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/14776"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=14775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=14775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=14775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}