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$571.91 -0.37577
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Solana
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$162.00 1.60354
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XRP
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$0.5491990 -5.57374
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Shiba Inu
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$0.0000172 -1.69517
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Pepe
Pepe (PEPE)
$0.0000114 -4.0752
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Bonk
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$0.0000274 0.20639
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Bitcoin
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$63,934.00 -1.25489
Bitcoin price
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$3,395.79 -1.67571
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BNB
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Solana
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XRP
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$0.5491990 -5.57374
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Shiba Inu
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Pepe
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$0.0000114 -4.0752
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Bonk
Bonk (BONK)
$0.0000274 0.20639
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Bitcoin
Bitcoin (BTC)
$63,934.00 -1.25489
Bitcoin price
Ethereum
Ethereum (ETH)
$3,395.79 -1.67571
Ethereum price
BNB
BNB (BNB)
$571.91 -0.37577
BNB price
Solana
Solana (SOL)
$162.00 1.60354
Solana price
XRP
XRP (XRP)
$0.5491990 -5.57374
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 -1.69517
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000114 -4.0752
Pepe price
Bonk
Bonk (BONK)
$0.0000274 0.20639
Bonk price

Bitcoin is in dangerous position as demand dries up 

bitcoin-is-in-dangerous-position-as-demand-dries-up
Edited by
News
Bitcoin is in dangerous position as demand dries up 

Bitcoin (BTC) finds itself in a critical position, experiencing a decrease in demand despite a recent break above the $28,000 price level.

This prevailing bearish scenario provides no substantial backing for the asset’s current price movement to counteract further declines.

A recent analysis conducted by CryptoQuant shed light on the current situation, emphasizing that bitcoin’s initial upward momentum was fueled by a burgeoning market demand, which appears to have significantly diminished in recent times.

https://twitter.com/cryptoquant_com/status/1663440605538668547

According to data extracted from bitcoin’s trading volume on exchanges, the report observes that the price surge that commenced earlier this year was sustained by a notable rise in BTC trade volume across spot and derivatives exchanges.

Notably, BTC experienced a remarkable ascent from its starting price of $16,541 at the beginning of the year to a high of $26,386 in March, representing a notable 59% surge within three months. Data indicates that bitcoin’s trade volume witnessed substantial growth on both spot and futures exchanges.

The increased demand during the rally served as a hedge against potential price corrections, but trade volume on spot exchanges experienced a significant decrease after BTC hit $26,000. However, volume on derivatives exchanges remained high, offering sufficient support for the asset to reach the milestone of $30,000 in April.

The CryptoQuant report stresses that demand on futures exchanges has also dropped, leaving bitcoin with a dearth of demand. This exposes the asset to further declines should the bears take control of the scene. 

Bitcoin hits $28,000 for the first time in 20 days

This decline in demand has emerged amid bitcoin’s recent reclamation of the $28,000 level after 20 days. The month of May has proven to be challenging for BTC. The asset has engaged in an uphill battle to prevent further declines below the $25,800 threshold.

Bitcoin is in dangerous position as demand dries up  - 1
BTC price – May 30 | Source: Trading View

BTC started May at $29,233, but dropped to $25,811 as of May 12, reflecting an 11.7% decrease in less than two weeks. Subsequently, the asset recovered from lows below $26,000 but has struggled to maintain a position above $27,000.

After a notable gain of 4.51% on May 28, BTC successfully regained the $28,000 level, as reported by crypto.news. However, subsequent declines have led to its current value of $27,786 at the time of this report. Despite these recent fluctuations, the asset has managed to maintain a 3.4% increase over the past seven days.