Bitcoin prices are consolidating around $111,000 following the heavy market losses on October 10, due to a trade war between the US and China. The asset’s price is presently down by 9.45% on its weekly chart and also 12.16% away from its all-time high amidst this corrective phase.
Bitcoin Logs First Negative Apparent Demand Flip Since July
In an X post on October 11, popular market analyst Ali Martinez shares on-chain data that shows that Bitcoin’s apparent demand has recently flipped into negative territory for the first time in three months, suggesting a short-term cooling in investors’ appetite.
For context, the apparent demand measures the net amount of Bitcoin being accumulated by active holders. In simpler terms, it reflects how much of the Bitcoin supply is being reactivated or moved relative to how much is newly created. A positive reading generally indicates growing market demand and accumulation, while a negative value suggests reduced appetite or selling pressure.
Data from on-chain analytics firm CryptoQuant shows that as of October 8, Bitcoin’s 30-day apparent demand has dropped to -13,707 BTC. This development marks the first negative reading since July, when the metric last turned red before rebounding strongly alongside Bitcoin’s summer rally.
Throughout August and September, Bitcoin’s apparent demand remained firmly positive, even as prices moved between $108,000 and $122,000, suggesting steady accumulation. However, the latest data shows a sharp reversal. The drop into negative territory could mean that long-term holders have started realizing profits or that buying momentum has temporarily slowed as traders assess the macro environment.
Interestingly, the macro environment has also become a growing concern for investors, as the United States and China appear poised for a renewed tariff standoff. Notably, US President Donald Trump has announced plans to impose a 100% tariff on all Chinese imports, following China’s proposal to introduce a sweeping export tax on several key goods.
Given the historical reaction of market price to tariff news seen during the early days of Trump’s administration, investor sentiment may remain subdued if this trade showdown persists, with many likely adopting a cautious stance until a clearer policy direction emerges.
Bitcoin Price Overview
At the time of writing, Bitcoin trades at $111,800, reflecting a 0.47% decline over the past 24 hours. On a monthly basis, the asset is down 3.06%, underscoring the intensity of the current corrective phase in the market.
Related Reading: Dogecoin Price Taps IMB Zone – What This Means And Where The Price Is Headed
]]>The world’s largest cryptocurrency Bitcoin made an attempt to break past $70,000 on Monday, however, the bulls couldn’t hold on for long as selling pressure came back again within a few hours. As of press time, the Bitcoin price is trading at $67,776 with a market cap of $1.335 trillion.
Bitcoin Whale Accumulation
As per the data from CryptoQuant, the Bitcoin whale accumulation has surged significantly in recent times. Renowned crypto analyst Lark Davis has observed unprecedented buying activity from Bitcoin whales. According to Davis, this significant accumulation of Bitcoin by large holders indicates an imminent supply shock in the market.
Julio Moreno, Head of Research at CryptoQuant, highlights a crucial distinction in Bitcoin’s market behavior. Moreno explains that BTC trading at $70K now differs significantly from its price at $70K in March.
Currently, unrealized profits stand at a modest 3%, compared to a substantial 69% in early March. This indicates a much lower selling pressure from traders, suggesting that heavy selling has already been exhausted according to this metric.
BTC Price Pullback Before Long-Term Upside Resumes
Prominent crypto analyst CrediBULL Crypto expresses optimism about Bitcoin’s current long positions. In a recent analysis, he noted, “Longs on $BTC looking great here. I would have no qualms if we simply continued pumping from here, but I think something like this makes a lot of sense right now.”
He added that his long positions are higher timeframe swings, which he plans to hold and potentially increase if the market scenario aligns. If the market continues its current trajectory, he anticipates riding the longs to surpass $100K.
Crypto analyst Michael van de Poppe recently provided insights on Bitcoin’s price consolidation strategy. He indicated that Bitcoin aims to stabilize at current levels. Addressing potential buying opportunities, van de Poppe suggested, “Losing $66K and I think we’ll test range low ($60K) and be buying there again. That’s the level where you’d want to get your purchases ready.” Investors are advised to prepare for potential entry points if Bitcoin’s price dips below the $66K mark.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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