CryptoQuant Says Bitcoin’s Sustained Recovery Depends on Stronger Spot Demand, Broader Accumulation
JH Kim
Summary
- CryptoQuant said spot market buying demand needs to increase for Bitcoin to sustain its price recovery.
- Bitcoin’s recovery depends on spot demand and buying pressure that can absorb coins flowing onto exchanges.
- It said broader Bitcoin accumulation across a range of holder groups is a key factor in sustaining the price recovery.
Forecast Trend Report by Period
Bitcoin needs stronger spot-market buying and broader accumulation across investor groups to sustain its price recovery, according to CryptoQuant.
On Oct. 19, the on-chain analytics firm said Bitcoin’s ability to maintain its rebound hinges on spot demand and buying pressure strong enough to absorb coins moving onto exchanges.
In particular, a key condition is whether buyers can adequately absorb the volume of Bitcoin being transferred to exchanges.
CryptoQuant added that broader Bitcoin accumulation across a range of holder groups, rather than within a single investor cohort, is also critical for a sustained price recovery.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.