CryptoQuant analyst Darkfost said Bitcoin (BTC) still lacks the buyers needed for a recovery, even as his seller-exhaustion indicator has dropped into a range observed in bear markets.
Darkfost's reading weighs the share of Bitcoin supply held at a profit against average monthly volatility to estimate whether sellers have reason to keep selling. He linked the reading's decline with Bitcoin's retreat and short-term profit-taking, and said BTC had fallen more than 10% from a previous high.
Past periods of easing selling pressure have helped market bottoms form, Darkfost said, but that historical pattern does not guarantee a recovery. He said buyers would need to return more strongly to support a rebound. The indicator estimates sellers' incentive; buyer demand remains a separate condition for recovery.
That demand question also featured in an earlier EconoTimes report on spot demand, which said a 30-day gauge had turned negative as exchange balances rose.
