Bitcoin Surpasses $85,000 After Recent Drawdown to $74,000

The price of Bitcoin has surpassed $85,000, recovering from a dip to $74,000. An on-chain analyst suggests this correction may indicate a broader bull cycle rather than a downturn.

BTC Price Outlook

Analyst ShayanBTC shared insights on CryptoQuant regarding Bitcoin market dynamics and recent price pullbacks.
The analysis focused on the Realized Cap of Unspent Transaction Output (UTXO) age bands, particularly the 3-6 months and 6-12 months holders.
The percentage of coins held by these investor cohorts is increasing, similar to accumulation patterns seen in summer 2024.
This trend indicates long-term holders are retaining their assets during market corrections.
A decrease in circulating supply could increase Bitcoin’s scarcity and potentially drive prices higher.
ShayanBTC believes current market conditions do not suggest the onset of a bear season but rather a healthy correction within a bullish cycle.

Current Bitcoin Price

The price of Bitcoin briefly reached $86,000 before settling around $85,200, showing a 2% increase over the last 24 hours and a similar rise over the past week.