Bitcoin (BTC) price has been trading sideways and shows no intention of trending in a direction. Often, sideways movement reveals a lack of interested parties or an agreement between buyers and sellers. In this case, it seems disinterested, considering the uncertain nature of the broader market outlook.
Bitcoin Price Stagnates, But Whales Buy Dips
The Bank of Japan’s interest rate hike was one of the main reasons for the recent crash in global markets, including a 30% sell-off in Bitcoin price. When BOJ announced that it had no plans to hike the interest rate, the markets recovered, but BTC is still stuck in a rut and shows no signs of moving higher.
The main reason for this can be observed by looking at the active addresses metric, which has a downward trending slope. This decline in the key metric shows that addresses interacting with the Bitcoin blockchain have reduced and denote a lack of investor interest.
Despite the aforementioned bearish outlook, BTC whales are active, a
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