Bitcoin's Momentum Slowing Down Amid Declining Demand and Profit-Taking
The Bitcoin bull market remains strong, but its momentum is slowing down. According to CryptoQuant, several indicators confirm this trend, including a Bull Score of 90 out of 100.
However, spot demand is declining, and speculative positions are growing more slowly. Profit-taking has accelerated, which could lead to a short-term correction in the market.
The price of Bitcoin has dropped below $84,000, but it remains above its 365-day moving average of around $78,000. CryptoQuant identifies three key support levels: $80,000, $71,000, and $67,000, which are based on historical data and the realized on-chain price of traders.
The slowdown in demand is not necessarily a sign of a bear market, but rather a natural correction after a strong rise. According to Julio Moreno, head of research at CryptoQuant, 'without new demand, rallies struggle to continue.'