The head of research at CryptoQuant, Julio Moreno, has stated that a lack of demand growth is causing Bitcoin’s price to remain low. He noted that all valuation metrics are currently in bearish territory and that the key price level to watch is $55,000. Bitcoin is currently trading below this mark. Moreno also noted that long-term Bitcoin holders are selling at lower profit margins, another bearish indicator. He also simulated Bitcoin’s price for September, predicting it would end the month around $55,000.
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