๐ **Bitcoin at a Crossroads: Bull or Bear?** ๐๐ป
Bitcoin (BTC) is at a critical juncture! Will it bottom out or face further declines like in summer 2021? Metrics are mixed: some hint at a bottom, while others warn of more pain ahead.
CryptoQuant's latest report suggests BTC's rally might be delayed due to slow stablecoin liquidity growth. Tether (USDT) isn't minting fast enough, but USD Coin (USDC) is growing at 5.6% monthly.
Profit and Loss Index hovers near its 365-day average, a plunge below could signal a bear market. Yet, large investors are realizing losses, often a sign of a price bottom.
Bitcoin whales are increasing holdings by 6.3% monthly, hinting at growing demand. Miners are still capitulating, so the direction remains uncertain.
Stay tuned, BTC enthusiasts! ๐