Bitcoin's price seems to have returned to a volatile market, eliminating any hopes of breaking new highs soon. However, the good news is that the current bull cycle is not over yet, although it will take some time for the premier cryptocurrency to resume its upward momentum
Specifically, the latest on-chain observations show that Bitcoin has been experiencing a "wave of euphoria" in the past few months
However, market liquidity has been so poor recently that less than 20,000 BTC were seen last time The on-chain turnover was in the fourth quarter of 2022, when the BTC price was less than $20,000. Now the price has risen more than three times, but the liquidity has hardly changed. Moreover, the data on Sunday is the most thorough. After abandoning the market maker, it is almost the most realistic turnover of real position holders.
This is what we have been saying. Those with money don’t want to buy, and those with coins don’t want to sell. The fluctuations in the price of BTC in the past two days are actually telling us that I can see news reports that the price of BTC has fallen below $68,000 almost every few hours. After a few hours, the price of BTC has broken through $68,000. This is the most realistic portrayal of current investors.
