BTC in 'most frustrating' phase amid high uncertainty, analyst says

Bitcoin is in a phase of very high uncertainty, with various on-chain signals indicating more hesitation than conviction among investors, according to a post on X by Julio Moreno, a senior analyst at CryptoQuant. He highlighted three key metrics to support his analysis: - The Apparent Demand indicator, which reflects actual market demand, briefly recovered from a deep negative territory but failed to sustain momentum, suggesting a lack of consistent buying pressure. - CryptoQuant's proprietary Bull-Bear Cycle indicator is showing only short-term volatility without a clear directional trend. - The Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) recently dipped below one, indicating that long-term holders have begun selling at a loss. Moreno added that Bitcoin is currently in the most frustrating stage of its cycle, characterized by a lack of clear direction.