Flow

2024

Bitcoin

<p>Bitcoin’s price has dropped to a one-month low, reaching $58.5K this week, as confirmed by CryptoQuant, a leading analytic firm. This decline aligns with predictions from their previous report, which highlighted slow demand growth for Bitcoin. Despite the cryptocurrency market remaining in a bull phase, it exhibits the least bullish sentiment observed since March 2023.</p>
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   <p lang="en" dir="ltr">The ultimate support level for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> is $56K; falling below this could lead to a major correction. <a href="https://t.co/ZD9xDN6wAm" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ZD9xDN6wAm</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1806646638783406250?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 28, 2024</a>
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<p><a href="https://cryptoquant.com/community/dashboard/667e7812a3f5b8210d540e7b?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=dashboard&amp;utm_content=crypto-weekly-report" target="_blank" rel="noopener noreferrer nofollow">CryptoQuant’s latest report</a> details several crucial on-chain metrics to determine whether Bitcoin has reached its price floor and the conditions necessary for a potential recovery. The report emphasises the importance of a resurgence in bullish momentum for prices to recover.</p>
<h2 class="wp-block-heading" id="demand-dynamics">Demand Dynamics</h2>
<p>According to CryptoQuant, Bitcoin demand has slightly increased since late May. However, the growth remains tepid, underlining the need for accelerated demand to drive a significant price rally. The report suggests that for <a href="https://blockchainreporter.net/price-prediction/bitcoin-price-prediction/" data-type="post" data-id="64778" rel="noopener noreferrer nofollow">Bitcoin</a> prices to experience a robust rally, there needs to be a substantial increase in demand, particularly from U.S. investors. Notably, U.S. investor demand for Bitcoin has recently dipped into negative territory, as indicated by CryptoQuant’s Inter-exchange Flow Pulse indicator. This tool correlates U.S. investor demand growth with higher Bitcoin prices.</p>
<p>The liquidity from stablecoins, crucial for injecting funds into the market, is also growing slower. Increased liquidity growth from stablecoins is necessary for a sustainable rally in Bitcoin prices. Furthermore, the report identifies $56K as the ultimate support level for Bitcoin, based on Metcalfe’s price valuation bands (red line). This metric previously acted as resistance during the last cycle but served as a strong support level in May. Falling below this threshold could signal a significant market correction.</p>

Bitcoin Hits One-Month Low Amidst Sluggish Demand Growth

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