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Bitcoin valuations are stabilizing around $111,000 subsequent to significant market declines on October 10, attributed to a trade conflict between the US and China. The asset’s value is currently down by 9.45% on its weekly chart and also 12.16% below its all-time peak amid this corrective phase.
Bitcoin Records First Negative Apparent Demand Shift Since July
In an X post on October 11, renowned market expert Ali Martinez shares on-chain information indicating that Bitcoin’s apparent demand has recently transited into negative territory for the first time in three months, implying a short-term decline in investors’ enthusiasm.
For clarity, the apparent demand assesses the net quantity of Bitcoin being gathered by active holders. In layman’s terms, it shows how much of the Bitcoin supply is being reactivated or shifted in relation to how much is newly produced. A favorable reading generally signifies increasing market demand and accumulation, whereas a negative figure indicates diminished interest or selling pressure.
Information from the on-chain analytics firm CryptoQuant reveals that as of October 8, Bitcoin’s 30-day apparent demand has decreased to -13,707 BTC. This development represents the first negative reading since July, when the metric previously turned red before experiencing a robust rebound alongside Bitcoin’s summer upswing.
Throughout August and September, Bitcoin’s apparent demand consistently remained positive, even as prices fluctuated between $108,000 and $122,000, indicating stable accumulation. However, the most recent data exhibits a pronounced turnaround. The fall into negative territory could imply that long-term holders have begun to realize profits or that purchasing momentum has momentarily diminished as traders analyze the macroeconomic landscape.
Interestingly, the macroeconomic environment has also become an increasing concern for investors, as the United States and China seem set for a renewed tariff confrontation. Notably, US President Donald Trump has disclosed intentions to impose a 100% tariff on all Chinese imports, following China’s proposal to introduce a comprehensive export tax on various crucial goods.
Given the historical response of market prices to tariff news witnessed during the early days of Trump’s administration, investor sentiment may remain muted if this trade standoff continues, with many likely taking a cautious approach until a more definitive policy direction becomes apparent.
Bitcoin Price Summary
At the time of writing, Bitcoin is priced at $111,800, representing a 0.47% decline over the past 24 hours. On a monthly basis, the asset is down 3.06%, highlighting the severity of the ongoing corrective phase in the market.
Related Reading: Dogecoin Price Taps IMB Zone – What This Means And Where The Price Is Headed
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