Bitcoin price is down 8.75% over the last 30 days and 5.5% over the last three months. The BTC price trended low in June and has left market analysts wondering whether the “cycle top” is in for the pioneer cryptocurrency.Bitcoin Long-term Holder inflation rate nears a critical threshold
According to Glassnode, the LTH market inflation rate measures annualized accumulation or distribution rates over and above daily issuance to miners. Higher values indicate that LTHs are adding to sell-side pressure as their Bitcoin holdings diminish. Additional data from Glassnode reveals that the Bitcoin Dormancy Z-score has sharply increased over the last 90 days.
“Well, it’s now three months later. The price has only gone down, and the Dormancy Z-Score peak remains with a structure very comparable to the 2017 and 2021 tops.”At its current value, the Dormancy Flow Z-score means that Bitcoin is overvalued relative to the sum of coins in a transaction without being backed by trading volume. This suggests that Bitcoin price may have hit a cycle top, which could also be bearish for the broader crypto market.
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