CryptoQuant Analyst Says Bitcoin May Be Forming Bottom, but Spot Demand Must Recover
JH Kim
Summary
- A CryptoQuant analyst said Bitcoin (BTC) may be forming a bottom as selling pressure eases.
- The analyst said easing selling pressure alone is unlikely to support a sustained rise in Bitcoin's price.
- The analyst emphasized that buying demand in the spot market needs to expand further for Bitcoin to continue a full-fledged uptrend.
Forecast Trend Report by Period
Bitcoin may be entering a bottoming phase as selling pressure eases, according to a CryptoQuant analyst. Still, stronger spot-market demand is needed for any sustained rally.
On Oct. 20, a CryptoQuant analyst said Bitcoin's selling pressure is declining and that the token may be moving into a phase of forming a price bottom.
But easing selling pressure alone is not enough to support a lasting rise in Bitcoin's price.
For Bitcoin to continue a full-fledged uptrend, buying demand in the spot market needs to expand further, the analyst said.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.