- BTC was down by more than 1% in the last seven days.
- Market indicators remained bearish on the king coin.
Bitcoin’s [BTC] price has moved sideways in the recent past as it has failed to register gains. While that happened, a new analysis pointed out a metric that might cause trouble for BTC’s value in the days to follow.
These datasets look bearish on Bitcoin
As we enter 2024, BTC’s price action remains sluggish. According to CoinMarketCap, BTC was down by more than 1.7% in the last seven days. Its daily chart also remained red.
At the time of writing, BTC was trading at $42,653.65 with a market capitalization of over $835 billion. Its trading volume also declined during that period, meaning that investors are reluctant to trade the coin.
While this happened, BlitzzTrading, an analyst and author at CryptoQuant, posted an analysis regarding a key BTC metric.
The analysis talked about Bitcoin’s Coinbase Premium,…
