- Coinbase Premium Index hinted on falling American investor’s interests, with a decrease in active addresses
- Exchange Netflows referred to reduced sales pressure when Bitcoin was traded close to his support levels
Bitcoin [BTC] is in the news today after it has registered a major Decrease on the Coinbase Premium Index, with the same falls below zero. This can be seen as a sign of the growing lack of enthusiasm of American investors at the current price levels of BTC.
This shift in investor sentiment, in combination with negative trends in important market statistics, hinted that is careful in the crypto space. At the time of writing, Bitcoin acted at $ 96,487 after a decrease of slightly less than 2% on the press.
What do BTC address statistics reveal about market participation?
Well, the numbers tell us a disturbing story. New BTC The addresses have fallen by 1.02% last week, which indicates a delay in the acceptance of users.
Moreover, the number of active addresses fell by 4.23%, which showed less interaction between users with the network. The total number of zero balance addresses also fell by 7.89%.
Such a decrease in both active and new addresses is a sign that retail participation may weaken. Simply put, this can further dampen bullish expectations.
Source: Intotheblock
Bitcoin transaction statistics – Does retail activity increase?
The transaction statistics from BTC revealed different trends in various transaction amounts. Interestingly, transactions below $ 1 have risen by 234.89%, suggesting that retail participation is still relatively high.
Larger transactions, especially those between $ 100k and $ 1 million, fell by 10.27%. This decrease in larger transactions may indicate that institutional investors restrain themselves, which exerts extra pressure on the Bitcoin price action.
Although retail activity can rise, the absence of significant institutional intake can therefore mean a potentially weaker market.
Source: Intotheblock
Main price levels to watch
The price diagram of Bitcoin underlined a struggle to preserve every up momentum. At the time of writing, Bitcoin seemed to test the critical $ 96,500 support level. If this level applies, Bitcoin can get the chance to go to the resistance to $ 100,000 and possibly $ 104,000.
However, the Relative Strength Index (RSI) had a lecture of 46.03, so that it showed a neutral market without sold -over or over -selling circumstances. This indicated that the price of Bitcoin can continue to act sideways, unless it breaks decisively through these important resistance levels.
Source: TradingView
Exchange Netflows – What do they suggest about market sentiment?
Finally, Bitcoin’s exchange network flows have recently seen a positive shift, with an increase of 4.02% in the last 24 hours. More BTC flows from exchanges than in them, which indicates that investors choose to keep instead of selling.
This trend usually means a lower sales pressure, which can be a sign of market accumulation or long -term holding behavior. However, this does not necessarily indicate a strong buying momentum or an imminent price increase.
Source: Cryptuquant
Is Bitcoin in a malaise or ready for recovery?
The combination of decreasing American investor interest rate, falling active addresses and reduced institutional transactions all point to a challenging short -term prospect for Bitcoin. Despite neutral RSI levels and positive Netflows, BTC can have trouble breaking its most important resistors.
In view of these factors, Bitcoin will probably be confronted with ongoing consolidation or even fall further in the short term. That is why the recovery of Bitcoin without a significant shift from Bitcoin seems uncertain.
