Bitcoin Demand Is As Strong As Ever, Says Analyst – Check Out The Reasons

It’s been revealed that the demand for Bitcoin is still strong, according to a popular analyst who mentions a series of on-chain metrics.

The online publication the Daily Hodl brings up the analyst who goes by the name Dilution Proof.

He addresses some clues that are signalling the fact that BTC sees a massive influx of buying power.

Big players are buying Bitcoin

Dilution Proof pointed out the fact that Bitcoin’s monthly close was accompanied by massive amounts of exchange withdrawals, showing that big players are buying BTC.

He also said that BTC’s value continues to rise amid dropping Bitcoin balance on exchanges – this suggests that BTC is being taken off the market and creating a supply crunch.

Check out his relevant tweet below.

The analyst also posted some relevant charts on Twitter.

Check out more about what he had to point out in his tweetstorm.

We suggest that you check out the complete thread that he posted on social media in order to learn all that he had to highlight about Bitcoin’s demand.

Regarding the price of BTC, at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $55,202.09.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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