Bitcoin (BTC) has never been cheaper… and this is not good news

Bitcoin (BTC) has never been cheaper… and this is not good news

Roll back Bitcoin (BTC)The number of daily BTC transactions and transaction fees drop dramatically. The latest crash has put indicators in the red, and it looks like the recovery will be delayed.

Number of BTC Transactions: Multiple Sources, One Direction

data on tean refer to it The number of daily BTC transactions reached its lowest level since October 2018. According to statistics from BitInfoCharts, this number peaked at 387,000 transactions on January 6, 2021, dropping to 249,000 confirmed BTC transactions on June 3, 2021. 35% decrease during this period.

Bitcoin Transactions in June 2021

Data transmitted by the media Mass 7-day moving average estimate of the number of daily trades at 217,000 on June 6, 2021 – Lowest level since August 31, 2018, while data from Fork.lol shows the number of BTC transactions standing at 221,624 on June 7, 2021.

consecutive fall

BitInfoCharts data also reveals this Bitcoin transaction fees drop by 93% After peaking at $62 per trade in April 2021.

Google Trends data shows that too Bitcoin interest has decreased since May 2021. The search query “Bitcoin” hit ATH on Google Trends in May 2021 with a score of 100, which subsequently dropped to 52 on June 5, 2021.

Also according to The Block, the 7-day moving average of the number of active BTC addresses on June 6, 2021 fell to 940,000, a level last seen in May 2021. The number of daily new addresses dropped to 372,000, which is a return to the March 2021 level.

Bitcoin is trading at $32,645 at the time of writing, which is nearly half of the over $64,000 ATH reached before the May 2021 crash.

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Bitcoin recently had a dark day, as institutional exposure to BTC decreased. The end of the tunnel seems far away. China is promoting bear dancing in the markets, chasing Bitcoin influencers. How do we interpret the indicators in red? Retreat for a better jump or simply the end of a bullish rally?

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