Bitcoin transactions down 30% in 6 months: Bearish sign.

Bitcoin network activity has fallen to its lowest level in three years as interest in cryptocurrency markets wanes.

The data shows that the #BTC price has been on a downtrend for some time, which has negatively affected network activity. At its peak in mid-March, BTC’s daily active address count was around 1.2 million. Now, that number is down to just 838,000, and in late August, it was 744,000. This is lower network activity than in 2021, according to CryptoQuant.

“The total active address count on the network is now at $45,000, which #BTC saw about three years ago,” said popular crypto analyst Gaah.

The Puell Multiple, which compares the daily mined value of Bitcoin to the 365-day moving average, looks quite bad, Cointelegraph reported. CryptoQuant says this data could create a buying opportunity for long-term investors in the near future.

“For some investors, the decline in active addresses and price may be seen as a buying opportunity for #Bitcoin in anticipation of a future rise,” Gaah said.

Checkmate, founder of the onchain analysis platform Checkonchain, stated that the #BTC price is drawing an unstable structure and that this situation may trigger a sharp price movement in the near future.

Although analysts are hopeful for #Bitcoin in the long term, there has been no signal for recovery in the short term. Crypto investors are focused on the US presidential elections and the Fed interest rate decision for direction.