Bitcoin Stuck in Range-Bound Pattern as Weak Demand Keeps Prices Low

The Bitcoin market has been stuck in a range-bound pattern, oscillating between $60k and $66k since June. Despite strong HODLer conviction, with long-term holders holding more coins than ever before, demand for Bitcoin remains weak.

The taker buy/sell ratio shows a slight skew towards aggressive sellers, while the stablecoin supply ratio measures Bitcoin's market cap to the aggregate market cap of all stablecoins at 11.58, indicating limited buying power.

Miner revenue from block rewards has dropped below $30 million by mid-July, putting miners in a tight spot. The apparent demand-to-issuance metric, which compares the 30-day change in the volume of coins less than a year old with new BTC issuance, is at -5.43 and has been negative for five months.

According to Crypto analyst Axel Adler Jr., this metric demonstrates that the current price rebound is not accompanied by growth in the volume of young coins. The net age flow, which tracks the movement of Bitcoin between cohorts over 30 days old, has been negative for seven months and indicates accumulation and reduced supply available for sale.