Bitcoin Demand Remains Sluggish; Market Likely to Stay Flat, According to Glassnode Analysis

On-chain analysis firm Glassnode released its latest weekly report on the 26th, indicating that the demand for the cryptocurrency Bitcoin (BTC) continues to be sluggish. The market is likely to remain flat until there is a recovery in new capital inflows. After breaking below the major cost base (acquisition price) support line, Bitcoin has been fluctuating within an unstable range between $81,000 and $89,000. At the time of writing this article, Bitcoin is priced at around $90,000. According to Glassnode, on-chain data indicates increasing levels of stress. Short-term holders are...