Bitcoin [BTC] gave investors some hope as it showed promising growth over the last seven days. However, it appeared that bears once again took control of the king crypto.
According to data on-chain market intelligence platform Glassnode, Bitcoin experienced a massive drop in its volume, which could indicate an extremely bearish outlook BTC’s Future.
Here is AMBCrypto Bitcoin price prediction for 2022-2023.
according to a tweet published by glass node On Oct. 8, transaction volume for BTC hit a three-month low of 78,000 BTC.
Source: Glassnode
In addition to the total transaction volume, the average transaction volume heavily depreciated and hit a 15-month low of 7.275 BTC on Oct. 8.
This development could have a negative impact on the future of BTC in the long term and BTC traders could incur losses. However, merchants may not be the only ones who could be affected. BTC miners could also feel the heat. To add the same mining revenue from fees, also hit a monthly low of 1.131% on Oct. 7.
The drop in mining revenue could lead to selling pressure from miners, which could impact mining profitability Bitcoin dealer. In addition, as can be seen from the image below, the daily on-chain transaction volume in profit has also decreased over the past month.
Crypto analysis platform Santiment stated that the number of profitable transactions on the Bitcoin network decreased.
Source: Santiment
The drop in profitability could discourage potential BTC investors and traders from investing in the king coin, forcing them to look for other cryptocurrencies to invest in.
Where there is a will, there’s a way
Despite the number and weighting of bearish indicators for Bitcoin over the past few days, BTC still managed to show some growth in terms of market cap dominance.
BTC market cap dominance grew by 5.95% over the past 30 days, capturing 38.38% of the total crypto market at press time.
Source: Messari
At press time, Bitcoin is trading at $19,522.17 and has depreciated by 1.94% over the past 24 hours. Even with institutional interest in the king cointhe future still looks bearish for BTC and one of the reasons could be Bitcoin’s correlation with traditional markets.
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