Bitcoin (BTC) Price Risks Persist as Demand Wanes

2022-10-17 11:30

A rather boring Bitcoin price action has left the market hoping for some swift moves, but BTC could make participants wait a bit more before any good news pops up. 

The Bitcoin price action has been a rather sad affair for investors, being stuck below the $20,000 mark for most of October so far. A tight supply band around the $19,000 mark has governed BTC price as bulls and bears both fail to move prices in either direction. 

BTC was trading at $19,268 at the time of press, noting a 23.72% rise in daily trade volumes to kick off the week. The global crypto market cap moved more or less in tandem with the Bitcoin price today, rising ever so slightly to $964 billion.

BTC price in consolidation 

Even though the market hopes for recovery after a long bearish spell, Bitcoin’s technicals do not show rallying signals just yet. 

On the long-term chart, the BTC price is testing the lower late-2020 levels that it recovered from following the pandemic-led downfall. One major difference between these two time periods is the significantly higher trading volumes this time around.

BTC/USDT | Source: TradingView

With the BTC price at such low levels, on-chain metrics suggest that short-term sentiment continued to be bearish as the short-term SOPR (break-even) value was lower than 1. 

As seen in the SOPR vs aSOPR comparison, all participants who bought after December 2020 are now at a loss. It will be difficult for long-term holder SOPR values to regain a positive trend anytime soon.

Source: CryptoQuant 

Also, in the short term, the SOPR values present a bearish trend as the BTC price broke below the on-chain resistance of $19,500. 

Low market demand 

While retail demand was relatively stable in the spot market, it’s undeniable that the perpetual futures market also significantly affected BTC’s short-term price movement. Thus, in times of confusion, it’s beneficial to assess the sentiment of the futures market. 

Notably, the BTC funding rates are treading in the negative territory once again as the price dropped from the $22,000 level and started to consolidate at the $19,000 support. 

Source: CryptoQuant 

Interestingly, funding rate values are still significantly low compared to the 2019-2021 period, indicating a massive lack of demand and activity in the futures market.

All in all, owing to the low demand and high macroeconomic uncertainty, the BTC price could be stuck in this rangebound trajectory for a bit longer before any major moves are seen. 

The post Bitcoin (BTC) Price Risks Persist as Demand Wanes appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97785.51 (+0.33%)
Объем 24H $46.652b
Изменеия 24h: -1.45 %, 7d: 7.52 %
Cегодня L: $97772.99 - H: $97813.46
Капитализация $1934.827b Rank 1
Цена в час новости $ 19486.86 (401.8%)

bitcoin price btc demand wanes persist risks

bitcoin price → Результатов: 126


Фото:

Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder

The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 […] The post Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.

2024-11-13 17:39


Here’s What To Expect From The Bitcoin Price In November After Breaking Above $70,000

The Bitcoin price is back above $70,000 for the first time in four months, with the ‘Uptober’ rally eventually happening as the month ends. This looks to be the start of significant price rallies for the flagship crypto as the market heads into November, which is also historically bullish. What To Expect From The Bitcoin […]

2024-10-30 19:30


Фото:

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin (BTC) is showing the first signs of positive price momentum since June, as it attempts to convincingly break the $69,000 price zone and shift to a “euphoric bull market.” According to Glassnode’s latest “Week Onchain Newsletter,” the recent rally has seen Bitcoin’s spot price break through key technical and on-chain price levels, pushing many […] The post Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode appeared first on CryptoSlate.

2024-10-24 00:38


Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

2024-10-22 22:30


Bitcoin Price To $95,000? Here’s What Needs To Happen First

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.

2024-10-18 13:00


Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align

Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming rally of at least 60% for the Bitcoin price in his latest technical analysis. The seasoned analyst has identified a pattern across three critical technical indicators that have historically signaled major upward price movements when all aligned.

2024-10-18 11:30