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Glassnode: Drop in Bitcoin network activity suggests bear market will last longer

2022-08-02 22:03:36Carbon News

Glassnode said that with several on-chain metrics for Bitcoin (BTC) still in bearish territory, the continuation of the recent price recovery will require increased network demand and fee spending.Analysts point to sideways growth in transaction demand, active bitcoin addresses still in a "clear downtrend channel," and lower network fees as tempering investor excitement over bitcoin's 15% surge over the past weekreason.Glassnode said the reduction in network activity could be explained by the lack of new demand for the network by speculative traders and investors with high confidence in the network technology.There is currently no additional demand in sight to sustain further price gains.Glassnode refers to the steady decline in active addresses as a “low bear demand condition,” which has largely been in place since December.(Cointelegraph)

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