Bitcoin’s upside hopes dented as transaction volume hits 3-year lows

2023-8-29 15:52

The leading cryptocurrency by value, Bitcoin, has endured bearishness over the past few weeks amid faded market activity and unpredictable macroeconomic sector.

Such developments have seen Bitcoin plunging to explore the psychological support floor of $26K, denting hopes of anticipated surges toward $30K in the near term.

Santiment posted on X that on-chain activity reflects Bitcoin’s dark outlook. Notably, the asset’s on-chain transaction volume has plunged to three-year lows.

Source – Santiment

The chart shows Bitcoin network activity has declined by over 90% from mid-2022 peaks.

What it implies

Santiment added that the metric measures Bitcoin withdrawals, miner expenses, P2P payments, and exchange deposits. While the significant transaction dip may not necessarily imply bearishness, it shows Fear, Uncertainty, and Doubt (FUD) among investors.

FUD represents rumors or negative sentiment within the crypto sector, creating anxiety or doubt about a digital token or the entire market. Digital assets hardly flourish under such conditions.

Bitcoin price outlook

Bitcoin exhibited a downside stance at this publication, losing 0.44% over the past day to $25,958.62. The bellwether crypto has remained relatively unchanged within the last seven days with slight losses. However, it painted its monthly chart red.

Source – Santiment

Bitcoin’s current outlook presents a bearish picture that will likely delay any anticipated upside in the near term.

More BTC dips?

That dump to 21k is not out of the woods yet#Bitcoin https://t.co/nKfLCHdDdY pic.twitter.com/JlCKj9RHZd

— Humans Meet Sats (@Humansmeetsats) August 28, 2023

Analysts believe Bitcoin is yet to bottom, and market participants can expect more declines. One expert trusts the crypto might plummet to $21K. Failure to keep this floor could welcome the robust foothold at $20,900.

Furthermore, the BTC Fear and Greed Index switched from neutral to fear, confirming bearish sentiments. It may take more time for Bitcoin to recover and launch a decisive uptick toward the $30K mark.

The post Bitcoin’s upside hopes dented as transaction volume hits 3-year lows appeared first on Invezz.

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2023-8-29 15:52

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