Bitcoin price drops on waning demand
Bitcoin’s bearishness on May 30 is preceded by waning demand for the asset following its run to all-time highs above $111,000.
Some of Bitcoin’s demand metrics may have “reached a short-term top, which could imply a pause in the current rally,” said market intelligence firm CryptoQuant in its latest Weekly Crypto report.
According to the report, Bitcoin’s 30-day demand growth reached 229,000 BTC on May 28, near the previous demand growth peak of 279,000 BTC, marking the market top in December 2024.
