Crypto
Bitcoin Stabilizes Around $64,000 as Demand Weakening Continues
The price of Bitcoin has held steady around $64,000 despite recent losses on Wall Street. However, this stability is not necessarily a sign that demand for BTC is increasing.
Data from CryptoQuant suggests that Bitcoin's 30-day average Taker Buy Volume has fallen to levels seen in late 2020 and during the 2023 consolidation. This means that aggressive buyers are less active in the market, giving sellers a stronger relative position.
The key support zone for BTC remains around $62,000, where over 2 million BTC have changed hands previously. If this area holds, it could indicate a stabilization phase for the market. However, if it breaks under rising selling pressure, the next area in focus would be around $54,276.