Buying pressure weakens across crypto market and on-chain data
Buying pressure in the crypto market is weakening simultaneously in terms of price action, derivatives activity, and on-chain indicators. According to CryptoQuant’s analysis, Bitcoin is still struggling to sustain the $87,000-$90,000 level.
According to analyst Mignolet, the slowdown in buying has been evident since late August, which kick-started a spell of declining futures volume, falling active address counts, and a boost in exchange inflows.
The trend is similar to patterns last seen during the late stages of the 2021 cycle, when the market flipped completely bearish, and Bitcoin fell from $57,000 to as low as $35,000. Mignolet said active address metrics, which correlate with over-the-counter activity and on-chain…
