Investors’ Sentiment is Dragging the Health of Bitcoin Network Down

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The price of Bitcoin is still trying to find its footing in the upper-$8,500 level as bulls and bears are locked in a stand-off. BTC has been juggling between $8,500 – $9,000 for the past 48 hours.

Fundamentally, market participants are on edge to see how the recent halving event would impact the price of BTC. Although Bitcoin’s hash rate hasn’t witnessed any drawdown yet, many expect a massive decline to happen soon as smaller miners will become disenfranchised due to the reduced block reward.

Popular blockchain analysis firm, Glassnode, released positive data on Bitcoin which shows that the benchmark cryptocurrency’s network health and liquidity saw a decent boost this week. They noted that Bitcoin’s network growth has now gotten to its highest point since 2017. They added that Bitcoin’s liquidity has also been on the rise every week for the past five weeks now. All these are positive data and are indicative of heightened investor activity.

However, Glassnode mentioned that although the data paints a positive picture for Bitcoin, overall investor sentiment is on a sharp decline and this could have adverse effects on the health of the Bitcoin network.

Bitcoin (BTC) Value Forecast — May 13

BTC/USD Major Bias: Sideways

Supply Levels: $9,000, $9,500, and $10,000

Demand Levels: $8,200, $8,000, and $7,500

Bitcoin remains consolidated between the $8,500 -$9,000 and has failed to successfully break the $9,000 resistance line after several attempts.

Although BTC remains above an upward-facing trendline and the hourly MACD shows fresh buildup in bullishness, prolonged inactivity at this level could cause it to lose bullish steam and decline rapidly to the lower-$8,000 level and possibly lower.

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