Record low Bitcoin velocity suggests BTC may ‘move to the downside’

Record low Bitcoin velocity suggests BTC may ‘move to the downside’


In the early hours of July 14, Bitcoin price took a surprise hit to $31,550 before slowly recovering back above $32,900 in the morning session. 

The swift drop near the crucial $30,000 resistance raised alarms among bulls and bears and whilst the $30,000 to $32,000 level continues to function as a support level, a recent market update from ByteTree CEO James Bennett paints a mixed picture of what may be in store for BTC.

According to analysis from Bennett, the price of Bitcoin has stabilized near the $34,000 level due to a reduction in miner selling and an increase in accumulation, but he also warns that several metrics show that decreased activity on the network hint that BTC is still in a neutral zone where there is a reduced appetite from key players.

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Bitcoin transactions decline

According to Bennett weekly Bitcoin transactions have been in a sharp downturn since April and now sit near 1.48 million transactions which is down from the

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