An analyst at crypto market data firm CryptoQuant says Bitcoin's “apparent demand” has again slipped below zero, a warning that demand for BTC has deteriorated markedly over the past few days. In a post on Sept. 2, analyst Darkfost noted that selling pressure on Bitcoin remains steady, while short-term holders (STHs) are still realizing profits. Despite that stable picture on the sell side, his demand indicator has flipped back to negative, which he takes as clear evidence that demand has fallen off. Weakness on the demand side, he added, is now becoming visible in Bitcoin's price structure as price action turns increasingly soft. If demand does not recover in a very short time, BTC could face a new downward leg, he warned. Darkfost also stressed that the market's direction is not fully determined and that investors should remain cautious. The report brings together a stable supply-side backdrop, continued profit realization by STHs, a fresh negative reading in apparent demand, and a warning that another decline may follow if buying interest does not return soon.
CryptoQuant analyst Darkfost said in a post on Sept. 2 that Bitcoin's current selling pressure remains stable, while short-term holders (STHs) keep realizing profits. The catch, in his reading, is on the demand side: the market's apparent demand has turned negative again, which points to a clear fall in BTC demand over the past few days.
Darkfost added that weakening demand is now visible in Bitcoin's price structure, with price action turning increasingly soft. Unless demand recovers within the very short term, BTC could face another round of decline.
He stressed that the market direction is not yet fully determined, and investors should remain cautious.
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