Bitcoin Demand Collapse Sparks Fears of Price Reversal

Bitcoin's recent price rally has stalled below the $80k resistance level, sparking concerns that demand may be collapsing.

According to DarkFost, a verified contributor for CryptoQuant, apparent demand, a metric measuring buying interest relative to new supply entering the market, has shifted back into negative territory.

The 30-day sum of daily block reward minus the daily change in one-year inactive supply shows that demand rose and turned positive around mid-August, but has since deteriorated alongside consistent selling from Short Term Holders (STH).

Bullish commentators believe BTC remains steadfast despite strong selling sentiment, predicting a major price uptick is imminent.