According to experts from analytical firm Glassnode, speculators are using bounces to sell Bitcoin amid weakness in on-chain metrics. The price is not returning to lows due to the lack of serious selling pressure.
According to the company analysts, bulls are still unable to establish a sustainable uptrend due to low demand, and spending patterns indicate continued bearish sentiment.
The hodlers remain steadfast. Glassnode is counting on reaching a range of bottom formation, as has been the case in previous cycles of downward momentum.
The seven-day moving average of the spent exit in terms of its “lifetime” after a recent spike continues to decline. Together with the fall in the price of Bitcoin, this indicates the absorption of current demand by supply.
