CryptoQuant Analyst Says Bitcoin May Be Forming Bottom, but Spot Demand Must Recover
Bitcoin may be entering a bottoming phase as selling pressure eases, according to a CryptoQuant analyst. Still, stronger spot-market demand is needed for any sustained rally.On Oct. 20, a CryptoQuant analyst said Bitcoin's selling pressure is declining and that the token may be moving into a phase of forming a price bottom.But easing selling pressure alone is not enough to support a lasting rise in Bitcoin's price.For Bitcoin to continue a full-fledged uptrend, buying demand in the spot market needs to expand further, the analyst said.