Even though a short-term pump pushed BTC up by 2% on April 13, the coin still traded at $39,788.07 at press time.
The 200-day moving average, around the $47,000 level, has acted as a strong resistance.
This bearish turnover came after a modest price break-out from the multi-month consolidation range that was established in mid-January.
The number of active entities remains within the bear market channel that has been established over the last six years.
Aggregate Bitcoin transaction fees are currently near all-time-lows due to a confluence of factors, including SegWit adoption, transaction batching, and the aforementioned lack of demand for bitcoin block space.
One relief in the current situation could be that the recent bear market is not as severe as the worst phases of all prior cycles, with just 25% to 30% of the market being at an unrealized loss.
Due to the recent low BTC prices, short-term holders that acquired coins between $33K and $42K have returned to an unrealized profit.
At press time, price fall under the $40k mark presented further tension in the market.
On the other hand, in the short term, if the price could break back above the $47K supply zone, a continued uptrend could be anticipated.