Bitcoin’s ‘less aggressive demand’ may lead to months of consolidation: Analysis
Bitcoin demand and ETF flows weaken as BTC struggles below $80,000, raising risks of prolonged consolidation or a drop toward $65,000.
Demand for Bitcoin (BTC) has decreased sharply over the last few days as the price ran into overhead resistance above $80,000. Analysts say BTC’s inability to hold key support levels may be paving the way for a prolonged consolidation.
Key takeaways:
Bitcoin’s apparent demand has dropped to its lowest level since mid-January, as traders and investors adopted a risk-off approach due to geopolitical and macroeconomic uncertainties.
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