Bitcoin witnesses the development of a problem in problem, which raises some questions about the sustainability of cryptocurrency. The most important thing so far is: How will it affect the price?
Network activities for decrease as prices rise
In the Quicktake post on the Cryptoquant platform, Crypto Pundit CryptoonChain emphasized the increase in negative differences between the price of Bitcoin and the number of active addresses within the cryptocurrency network.
The analyst’s report depends on the Bitcoin activity address indicator and traces the number of unique wallet addresses that participate in the transaction of the network within a given period. The value of this metric reflects user activity or participation in the Crypto network.
Source: CryptoQuant
On the chart shared by CryptoonChain, “There is a clear negative radiation between the price of Bitcoin and the active address of the 14 -day moving average.” This means that it is in the background of network activities and user participation in which a wider bitcoin bull rally has been reduced.
The heated analyst explained that such divergence generally functions as an early warning or signal that the amount of strength of the strength can lose its strength. Therefore, as Cryptocurrency loses optimistic exercise, the risk of BTC prices that have undergone correctional activities may increase at the same time.
In addition to the risk of correction, Bitcoin network activities may be further lower. This can lead to a weaker demand for BTC, which can be interpreted as temporarily increasing sales pressure.
BTC buyers for BTC Binance are defeated by sellers
In another post on Cryptoquant, online Pundit Arab Chain posts data from Binance, showing that net purchasing pressure -to -bit bitcoin prices have been maintained negative on most days. This means that more sales transactions have been executed compared to Binance’s purchase in the last 24 hours.
Crypto experts also explained that the buyer lacks attempts to pursue the price of Bitcoin to more than $ 113,000. This is because the volume of trading has been delayed within the negative area of purchase pressure on the world’s largest exchange.
In terms of market prospects, the Arab chain pointed out that the paintings of the market with more than $ 113,000 in the purchase pressure are more optimistic. Press time The value of Bitcoin is about $ 109,610 and does not reflect big movements in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chat on TradingView
Istock’s main image, TradingView chart
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