Bitcoin (BTC) faces obstacles to overcome its historic US$111,900 record due to insufficient demand.
Currently, the BTC price is $109,545, exceeding the new record of USD 1,500, as shown below.
but, Prices don’t end the barrier. It attracts attention because of the significant institutional demand for assets.
According to the encrypted data, the general demand for BTC has been signed significantly, with 895,000 bitcoins falling over the past 30 days.
As they see from their analytics firms, purchasing the scheme is a fundamental part of BTC prices, but as seen in the following graph, net demand has slowed.
Low demand limits the price bander impulse. “And instead of giving them a bullish break, they keep their assets in the consolidation stage,” analysts say.
On their part, experts at the Swiss block company have shown that the amount of cash in Bitcoin reflects a sustained lack of interest, as shown below.
This is negative cash purchases despite recent rise in currency prices. Indicating an increase in BTC lacks practical support.
Without a solid foundation for buyers, bullish attempts to burst will lose strength, they say. They add that “we need buyers to maintain price breaks.”
Meanwhile, the Bitcoin Vector organization says that price structures show bullish signals, but that “positive impulses have not yet been integrated.” “Without impulses, the Bulls are not capable of breaking resistance and enduring new ATHs,” analysts point out.
All of the above highlight the need for a constant flow of new buyers to counter sales pressure. Move to Bitcoin prices towards new historic maximums.
Retailers aren’t looking for bitcoin (still)
Now is a time when the need for retail demand remains weak. An important way to determine this is to Google “Bitcoin”.
As you can see in the following graph, this indicator is at a low level of 18 points or more at the 2017 level.
The interest in low BTC retail has been felt for months. In May last year, individual investors’ balances fell to 247,000 BTC, while companies added 157,000 BTC to their balance sheets, government incorporated 19,000 BTC, and ETS added 49,000 BTC.
From that moment on, Bitcoin Corporationsmall investors set back while great financial actors consolidate the domain.
Bullish expectations will be maintained
It is true that the absence of retail buyers limits the likelihood of sustained rebounds, but expectations of upwards persist. As reported by Cryptootics, British Bank Standard has officially approved the project that BTC could reach $135,000 this quarter.
Similarly, Bitwise investment firm predicted that Bitcoin would reach $200,000 this year. This is an increase in demand for institutions, according to them, that is excessive to maintain stable prices over the long term. “
However, this goal depends on current dynamics changes. Encrypted data shows that apparent decline in demand counteracts institutional purchases and limits the possibility of bullishness. Without increased cash volume and greater participation of buyers, Prices face a major barrier.