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Bitcoin network activity decline suggests longer bear market: Glassnode
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With several on-chain metrics for Bitcoin (BTC) still in a bearish range, a continuation of the recent price recovery will require increased demand and fees spent over the network, says Glassnode.
The assessment of mediocre market growth over the past week came from blockchain analysis firm Glassnode in its latest The Week On Chain report on August 1.In it, analysts pointed to sideways growth in transactional demand, active Bitcoin addresses remaining in “a well defined downward channel,” and lower network fees as reasons to temper investors’ excitement about the 15% spike in BTC price over the past week.
Read more on cointelegraph.comAbout this in other media
Bitcoin: Evaluating if investors are seeing a bear market rally ambcrypto.com /5 days ago
Bitcoin bulls defend $23K amid warning bear market rally 'alive and well' cointelegraph.com /1 week ago
Croatian retail giant sees rise in crypto payments despite the bear market cointelegraph.com /1 week ago
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