Analyst: Bitcoin demand is slowing, potential support area is around $92,000
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news: CryptoQuant research director Julio Moreno said that after experiencing an accelerated increase in demand and prices approaching $112,000, Bitcoin is showing signs of cooling down. Spot demand is still growing but at a slower pace, currently below the historical trend. Whales and ETFs have halved their Bitcoin purchases. The demand from new investors is also declining. In the futures market, investors have recently chosen to take profits and started establishing new short positions. If demand continues to weaken, Bitcoin may find support around $92,000, which corresponds to traders' on-chain actual cost price and is a typical support level during a bull market. If this support fails, the next support level may be at $81,000, close to the lower bound of traders' on-chain actual cost price.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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