Bitcoin (BTC) is navigating a critical juncture after experiencing a sharp 15% retrace from its recent local highs. This decline has sparked discussions among traders and enthusiasts who are trying to understand the reasons behind the downturn.
A consensus has emerged that the demand for Bitcoin is weakening. This sentiment is particularly echoed by Julio Moreno, CryptoQuant's head of research.
Related reading highlights concerns about the risks of short-term holders as unrealized losses remain high, adding to the bearish outlook for Bitcoin.
