caueconomy
Bitcoin still has low demand and trading in 2023, bull market has not arrived yet. ⚠️
One of the ways to analyze the demand for Bitcoin is by looking at the demand for network usage, since each transaction needs to be confirmed in the block, which generates a fee. These fees can be tracked so that they are directly connected to transaction volume in the base tier. Historically bull markets have come after a breakout in the sideways trend stabilized in the bear market. Therefore, for us to have growth in the fundamentals of the network, we will need to see greater demand for trading and, consequently, higher fees for daily transactions. At this time, we haven't had that breakout yet and trading volume remains low, indicating low demand. The chart uses a 14-day average to fit medium-term trends and provides a logarithmic view for better understanding of trend changes.