Bitcoin Active Supply Witness Sharp Decline As Compared to Previous Year

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Recently, the crypto data analytics expert Glassnode has shared a chart of active Bitcoin supply. That describes the number moving across the network started to decline within 24 hours.
  • However, the network activity is gradually decreasing after a peak performance in June 2019.
  • Moreover, it is assumed that Bitcoin doesn’t have enough potential to beat above the $10,000 level. That also counted as a point of in February before March’s historical drop.

Recently, the crypto data analytics expert Glassnode has shared a chart of active Bitcoin supply. That describes the number of bitcoin moving across the network started to decline within 24 hours.

The gradual decrease in Bitcoin’s active supply

According to Glassnode’s graph Bitcoin, active supply 5y-7y dropped a one year low of 1,090,686.572.

However, the network activity is gradually decreasing after a peak performance in June 2019. According to the chart, the movements in the active supply are quite high.

Bitcoin is back in a fragile state after another fierce rejection from its resistance level of $ 10,450 on Tuesday.  At press time the flagship cryptocurrency is trading around $ 9,742.42 bounced considerably downside since Tuesday’s move.

Moreover, the trader assumed that BTC doesn’t have enough potential to beat above the $10,000 level. That also counted as a point of in February before March’s historical drop.

Traders’ assumption After Bitcoin Price Drop

Besides this, looking at the performance of BTC this week, analysts shared their predictions on social media concerning its future performance.

In this series, Pentarhudi, a prominent trader Pentarhudi stated that the price of BTC could drop at $6,000. The statement comes after the price fluctuation of Bitcoin after its flagship on June 2.

Furthermore, looking at the current scenario it can be assumed that the futures market accounting for the majority of bitcoin trading activity is variable. That may cause BTC to suffer a continued decline in the coming months.

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