Opinion: On-chain demand for Bitcoin remains weak; stronger demand is needed to return to $100,000.
TL;DR
Bitcoin's on-chain demand is weak despite price recovery above $93,000, needing stronger demand to reach $100,000. Market sentiment is mixed with low volume, but holidays ending may shift this.
Tags
[Opinion: Bitcoin On-Chain Demand Remains Weak; Stronger Demand Needed to Return to $100,000] According to Mars Finance, on January 7th, CryptoQuant analyst caueconomy stated that even if Bitcoin's price returns above $93,000, on-chain demand remains weak, requiring a stronger recovery to support a return to $100,000. With market sentiment still mixed and trading volume low, there have been no solid signs of improvement in demand for a recovery in on-chain activity. However, this situation may now change as the holidays end (when many investors reduced trading).