Bitcoin needs more spot buying to resume uptrend, analyst says

Bitcoin is moving sideways without a clear uptrend or downtrend, according to a CryptoQuant analysis by contributor GugaOnChain. At a BTC price of $78,419, the Delta-Thermo Market Multiple stood at 2.03, above the 1.5 threshold associated with accumulation but below 2.5, which marks an expansion phase, GugaOnChain said. The short-term holder realized price was $69,371, below the current price, while the short-term holder MVRV, an on-chain metric showing the market’s aggregate unrealized profit or loss, was 1.13, indicating no signs of overheating. Funding rates were also neutral at 0.0056, while the Coinbase Premium Index remained negative on both the daily and hourly charts. With U.S. spot buying still lacking, Bitcoin currently lacks the momentum needed for the DTMM to rise into the 2.5 range, the analyst said.