Bitcoin Demand Drops, Bear Market Signals

Bitcoin demand has cooled, with spot demand dropping below its long-term trend in early October, according to CryptoQuant. This slowdown follows three demand surges since 2023, and large holders, particularly those with 100-1000 Bitcoin, are pulling back. Bitcoin has fallen below its 365-day moving average, a key level that has historically split bull runs from bears. CryptoQuant predicts a potential cycle bottom around $56,000, a 55% plunge from the peak, with $70,000 offering short-term support.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.