Although Bitcoin prices made a strong 15% recovery over the past week, metrics suggest more network demand would be needed to sustain further price increases.
With several on-chain metrics for Bitcoin (BTC) still in a bearish range, a continuation of the recent price recovery will require increased demand and fees spent over the network, says Glassnode. The assessment of mediocre market growth over the past week came from blockchain analysis firm Glassnode in its latest The Week On Chain report on August 1.In it, analysts pointed to sideways growth in transactional demand, active Bitcoin addresses remaining in “a well defined downward channel,” and lower network fees as reasons to temper investors’ excitement about the 15% spike in BTC price over the past week.
