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Bitcoin Holds Above $90K – On-Chain Data Reveals Key Demand Levels
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Bitcoin Holds Above $90K – On-Chain Data Reveals Key Demand Levels

Sebastian Villafuerte
Sebastian Villafuerte
6 months ago
3 mins read
Bitcoin Holds Above $90K – On-Chain Data Reveals Key Demand Levels

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Bitcoin recently saw a 9% retrace from its all-time high of $99,800, narrowly missing the psychological $100K milestone. The pullback brought BTC down to a low of $90,700 on Tuesday, sparking concern among some investors.

However, the price has since recovered, showing resilience as it climbs back toward key resistance levels. Despite the volatility, Bitcoin’s long-term bullish structure remains intact, with market sentiment leaning optimistic.

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Top analyst Axel Adler has provided key on-chain insights that suggest that the strong demand for Bitcoin persists at current levels.

According to Adler, this buying activity indicates that investors view pullbacks as opportunities to accumulate, underscoring confidence in Bitcoin’s potential for further growth. However, he also highlighted solid support at lower price levels, which could come into play if the current recovery fails to sustain.

The next few days will be crucial as Bitcoin tests its ability to reclaim momentum and potentially break through the $100K barrier. With demand remaining robust and market conditions aligning for a potential breakout, all eyes are on whether BTC can sustain its upward trajectory or if further consolidation is on the horizon. The stage is set for a decisive move in Bitcoin’s price action.

Bitcoin Data Reveals Investors’ Entry Prices

Bitcoin continues to showcase extremely bullish price action, driven by increasing demand from institutional and retail investors. Key on-chain data from CryptoQuant analyst Axel Adler highlights critical price dynamics shaping the current market. 

According to Adler, Bitcoin’s price is presently consolidating within the average purchase range of two key investor cohorts: the 1D ($96.8K) and the 1D-1W ($95.3K). These levels act as crucial support zones, reflecting strong buyer interest at current prices.

Bitcoin realized price levels by holding time
Bitcoin realized price levels by holding time | Source: Axel Adler on X

Additionally, the average purchase level in the 1W-1M range, positioned at $84K, provides an extra layer of support in case of a broader market pullback. This indicates that even in a more bearish scenario, Bitcoin will likely find stability around $84K before resuming its upward trajectory.

The data reinforces a widely held bullish outlook for Bitcoin among analysts and investors, many of whom believe the current cycle is still in its early stages. The strong demand and robust support levels suggest that Bitcoin is well-positioned to maintain its bullish momentum in the weeks ahead.

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Whether BTC holds above its current levels or experiences a temporary dip, the consensus remains optimistic about further gains, with this cycle potentially marking a historic run for the cryptocurrency.

BTC Nears $100K 

Bitcoin is currently trading at $95,200, a pivotal level that could determine its next major move. This price point serves as a crucial threshold, and if Bitcoin holds above it, the stage would be set for a potential test of the highly anticipated $100,000 level.

Before reaching this psychological milestone, the next significant supply zone lies at $98,800. A break above this level would likely trigger a massive breakout, propelling BTC beyond its all-time high and into six-figure territory for the first time.

BTC testing crucial supply
BTC testing crucial supply | Source: BTCUSDT Chart on TradingView

However, the stakes remain high. Bitcoin could face a deeper correction if it fails to maintain its position above the $90,000 level. In such a scenario, the next strong support is at $85,500, a critical level that would need to hold to preserve Bitcoin’s bullish structure.

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Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance

Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance

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Market participants closely monitor these key levels, as Bitcoin’s trajectory will influence broader market sentiment. With strong demand and momentum, the coming days will be pivotal in determining whether BTC surges past $100,000 or consolidates further before resuming its bullish run. As the market remains highly dynamic, traders and investors are bracing for significant moves ahead.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

Read more

To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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