Is Bitcoin Price Really In Bull Market? Glassnode Data Suggest Otherwise
Macro factors remain the primary reason behind that weakening Bitcoin price rally to $30,000 this month. Also, US Fed Chair Jerome Powell’s speech on Friday fails to give a clear direction and rate hike possibilities in the future. While President Joe Biden and Republicans are hopeful about avoiding the debt ceiling crisis , other issues continue to exist. advertisement CME FedWatch Tool indicates a probability of a 25 bps rate hike in June, while DXY rises and the jobs market stays tight. Also Read: US Fed, ECB, BOE Officials Calls For More Rate Hikes, Bitcoin Price To Fall? Despite Bitcoin price recovering 75% this year, the Bull Market conditions remain weak. According to Glassnode, the t otal transfer volume moved on the Bitcoin network has declined to a current value of $2.73 billion per day. The network throughput fell 79% from its peak of $13.1 billion during the Bull Market in 2021. Recommended Articles ...