Bitcoin Climbs Back Above $90K Amid Strong Demand Signals
Bitcoin recently retraced 9% from its all-time high of $99,800, reaching a low of $90,700. This pullback raised concerns among investors, but Bitcoin has since recovered, moving toward key resistance levels. The long-term bullish structure remains intact, with market sentiment optimistic.
Analyst Axel Adler provides on-chain insights indicating strong demand for Bitcoin at current levels. He suggests that buying activity shows investors view pullbacks as accumulation opportunities, reflecting confidence in Bitcoin's growth potential. However, he noted solid support at lower price levels, which may be tested if the recovery does not sustain.
Bitcoin Data Reveals Investors' Entry Prices
Bitcoin demonstrates bullish price action driven by increasing demand from institutional and retail investors. Key on-chain data from Axel Adler indicates that Bitcoin is consolidating within the average purchase range of two investor groups: the 1D ($96.8K) and the 1D-1W ($95.3K), acting as critical support zones.
The average purchase level in the 1W-1M range is $84K, providing additional support in case of a broader market pullback. This suggests stability around $84K before potentially resuming upward momentum. Analysts remain bullish, believing the current cycle is still in its early stages, supported by strong demand and robust levels.
Consensus remains optimistic about further gains, with this cycle possibly marking a historic run for Bitcoin.
BTC Nears $100K
Bitcoin is trading at $95,200, a pivotal level that could determine its next major move. Holding above this threshold would set the stage for a potential test of the $100,000 level. The next significant supply zone is at $98,800; breaking above this would likely trigger a breakout into six-figure territory.
If Bitcoin fails to maintain its position above $90,000, it could face a deeper correction, with strong support at $85,500 being critical to preserve its bullish structure.
Market participants are closely monitoring these key levels, as Bitcoin's trajectory will influence broader market sentiment. Given strong demand and momentum, the coming days will be crucial in determining whether BTC surpasses $100,000 or consolidates further before continuing its bullish trend.
Featured image from Dall-E, chart from TradingView