Bitcoin’s Network Momentum Has Stalled—Why It’s Not the End of the World

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Bitcoin’s network momentum, a metric that tracks on-chain volume, has stalled in recent months. Some see this trend as a concerning sign for BTC’s long-term trend. This may not be a concern as there are certain trends suppressing the metric, analyst Willy Woo says. Bitcoin Momentum Stalls But It’s Not the End of the World Despite resilience in Bitcoin’s price, exemplified by the recent price action and the macro rally from the March lows, network momentum has stalled. Created by on-chain analyst Philip Swift, network momentum is a metric that “looks into the value transmitted through the Bitcoin blockchain denominated in BTC value plotted against its price.” Data suggests that the network momentum of Bitcoin is around the lows seen towards the end of 2018, when the coin was trading at $3,150. Worst yet, this metric is far below the highs of 2019. Some see this as a concerning sign.…

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