September 27, 2022

Demand for Bitcoin did not increase after the price rose to $24,000

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Glassnode service experts noted that sellers of the Bitcoin (BTC) cryptocurrency slowed down after the digital asset added in price from $17,500 to $24,000. There are still a lot of hodlers, but there has not yet been a new demand for buying a virtual coin.

According to analysts, the BTC rate continues to try to reverse the downtrend and return to the global resistance level in the $30,000 region. However, most retail investors are behaving carefully and are not in a hurry to buy cryptocurrency in bulk, as the fear of another price drop is holding them back.

The specialists expressed the opinion that after the last meeting of the FOMC, all financial markets reacted positively to the expected rate hike by 75 basis points, and the chairman of the Federal Reserve System (FRS), Powell, made the world community look to the future with optimism. This became a springboard for the growth in the value of BTC and inspired the rest of the cryptocurrency market to add as well. However, experts stressed that active bitcoin addresses remain within a well-defined downtrend channel.

In addition, according to the Glassnode team, the size of the BTC fees is another clear sign that the market recovery has not yet begun. Currently, this indicator is at a historically low level: only 13.4 BTC per day. Glassnode emphasized that the growth of this parameter above 35 BTC/day would be a good signal that the industry is stabilizing.

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