A lack of demand growth is keeping Bitcoin (BTC) prices depressed, according to head of research at digital asset analytics firm CryptoQuant.
Julio Moreno Notes Social media platform X said demand for BTC has decreased and that “essentially all valuation metrics are in bearish territory.”
Moreno noted that a key price level to watch is $55,000, which is the floor of the price that traders have realized on-chain.
The realized price is the average price of Bitcoin in circulation, calculated based on the last transfer price.
Currently trading at $53,836, BTC is trading below that level at the time of writing, with the top crypto asset by market cap down more than 4% in the past 24 hours and more than 9% in the past week.
Earlier this week, Moreno simulation Bitcoin price in September. The simulated price averages about $55,000 at the end of the month.
“Prices will range from roughly $44,000 to $66,000. These simulations only consider September historical daily returns.”
Moreno too attention Last weekend, it was announced that long-term BTC holders were spending at a low rate of return, which was a bearish indicator.
“SOPR Ribbon for Long Term Holders: Most moving averages have been trending down since late July.
A buying signal will be generated when the moving averages start to trend up.”
SOPR stands for Used Output Profit Ratio and tracks whether coins are being sold at a profit or a loss.
Don't miss out on the latest news – subscribe to receive email alerts directly to your inbox
Check price trends
follow me X, Facebook and telegram
Browse the daily Hodl mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies and digital assets. Transfers and transactions are at your own risk and you are responsible for any losses incurred. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: On the road
