On-chain data shows that Bitcoin's "realized market cap growth" has recently been declining, indicating a lack of new capital inflow. Simply put, recent buyers of Bitcoin are not as active as before, leading to insufficient market momentum.
The 7-day moving average has fallen below the 59-day moving average, signaling a short-term bear market. The last time this happened was earlier this year during a significant drop in Bitcoin's price. Short-term holders (those who entered in the past 155 days) are currently facing an average loss of about 10%, which is considerable pressure.
Although prices have seen a slight rebound since the low in November, insufficient capital inflow means that the market is unlikely to sustain a rise. BTC is currently fluctuating around $92,400, with increased volatility.
Summary: In the short term, Bitcoin lacks support from new capital, making rebounds easy to interrupt. Investors should be cautious and not let short-term increases cloud their judgment. #美联储降息
