CryptoQuant says bitcoin demand remains in ‘deep contraction,’ but price could bounce to $71,500–$81,200
CryptoQuant reports continued weak bitcoin demand despite institutional buying, but suggests a price bounce to $71,500–$81,200 is possible.Summary
Onchain analytics firm CryptoQuant indicates that Bitcoin (BTC) demand is still experiencing a “deep contraction,” with a 30-day apparent demand growth of -63,000 BTC as of late March. While institutional buying from ETFs and Michael Saylor’s Strategy has increased, it hasn’t offset selling pressure from retail and other market participants. Large bitcoin holders (“whales”) are now net distributors, reducing their holdings by 188,000 BTC over the past year. Mid-sized holders (“dolphins”) are also slowing their accumulation. U.S. investor demand, as indicated by the Coinbase premium, remains weak. Despite these negative indicators, CryptoQuant suggests a short-term price bounce to $71,500–$81,200 is possible if macro conditions improve, particularly a de-escalation of the U.S.-Iran conflict, though these levels represent key resistance zones.
(Source：The Block)