Traders Remain Bullish, But Bitcoin Fundamentals Tell A Bearish Story3.8

After 72 hours of nearly non-stop crypto hype, the market took a proverbial chill pill on Thursday, as buying pressure slightly subsided across the board. As a result of this, Bitcoin (BTC) fell from $5,300 to $4,800 as of the time of writing this, leading to a similar, if not more exaggerated collapse in other cryptocurrencies.

Some analysts are adamant that this move is simply a much-needed act of consolidation after a well-overextended rally, which pushed BTC past $4,200, $4,600, and $5,000 — three key resistances — in rapid recession. But fundamental researchers, who harness blockchain data, claim that a further move lower could be in store for Bitcoin.

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