Bitcoin Needs More Spot Buying to Resume Uptrend, Analyst Says

BitcoinWorld Bitcoin Needs More Spot Buying to Resume Uptrend, Analyst Says Bitcoin’s recent price action remains trapped in a sideways range, with no clear directional momentum, according to a new analysis from CryptoQuant contributor GugaOnChain.

At a current price of approximately $78,419, the cryptocurrency has failed to establish a definitive uptrend or downtrend, leaving traders and investors uncertain about the next major move.

Key On-Chain Metrics Point to Neutral Market GugaOnChain’s analysis highlights the Delta-Thermo Market Multiple (DTMM), a metric that compares realized and market capitalization to gauge market phases.

The DTMM currently stands at 2.03, above the 1.5 threshold that indicates accumulation but below the 2.5 level that marks an expansion phase. This places Bitcoin in a neutral zone, suggesting that the market is neither heavily accumulating nor expanding aggressively.