Bitcoin's has moved up and down in the region of $6,600-$7,000. There was an upswing which makes it go beyond the $7,000 mark but it was short-lived given the pullbacks along the way. A <a href="https://eng.ambcrypto.com/tag/intotheblock/" target="_blank" rel="noopener">report </a>from IntoTheBlock's doesn't make for a very pleasant reading and suggest that situation is not really showing drastic improvements.

There have been no drastic changes witnessed in the fortune of the largest cryptocurrency and the effects and brutality of it are still on show. There was an uplift in the hash rate but that was just one metric, the rest of them are still down. There are barrels of fear, and bitcoin is staring straight at them.
<h2>IntoTheBlock's Report Not Good News For Bitcoin</h2>
The net network growth signal is another bearish factor, the top crypto coin is struggling to cope with. A report from IntoTheBlock's latest data, the bitcoin network has not shown any signs of growth, even in the slightest. In fact, it reports that it has lost over 450 thousand addresses.

“Over the past week, Bitcoin averaged a total of 382.95 thousand new addresses per day vs 448.27 thousand addresses that went to zero per day”.

The emptying of wallets is far from an ideal scenario for bitcoin as it suggests a bearish trend is ongoing. Blame could be laid on the covid-19 pandemic, as before it this trend was not witnessed for a while. The economies and the financial structure is crippled enormously and the traditional markets and the crypto-space, both have been smacked hard across the face. The volatile nature of the market is lingering around too and it is turning the investors' approach towards bitcoin, cautious.

The bitcoin bloodbath on March 12 and the events that have followed have brought bitcoin on the precipice of a predicament. The emptying of wallets, no network growth all are pointing in the same direction that bitcoin is in a bearish trend, on a brink of one.

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Report Suggests a Bearish Trend For Bitcoin

A lot of metrics have gone downhill ever since the market meltdown which suggestsa bearish trend for bitcoin, according to a report fro IntoTheBlock.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Report Suggests a Bearish Trend For Bitcoin

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