Over the past week, Bitcoin (BTC) has steadily climbed from $84,000 to surpass $94,000, sparking renewed investor interest. Despite occasional price fluctuations, CryptoQuant, a leading on-chain analytics platform, has highlighted that $90,000 is now considered a strong support level for Bitcoin.
Bitcoin’s Dormant Capital Reawakens
According to CryptoQuant’s analysis, “apparent demand” for Bitcoin, a key metric that tracks buying interest, has increased significantly. This metric, which measures the changes in one-year inactive supply, has rebounded sharply, rising from a negative demand of -200,000 BTC. This suggests that dormant capital is re-entering the market, signaling a resurgence in buying activity after a period of heavy selling pressure and investor hesitation.
The reemergence of buyer interest in Bitcoin has helped boost its momentum, and the price is expected to sustain its upward trajectory. The continued increase in Bitcoin’s price over the last week, alongside its ability to maintain higher lows, strengthens the bullish outlook. Notably, Bitcoin has remained above the $90,000 mark for over four consecutive days.
Potential for Another Rally
Bitcoin is currently consolidating above the $94,000 level, which could indicate that the cryptocurrency is primed for another major rally. The Relative Strength Index (RSI) suggests that further upward movement is possible. The recent price action coincides with fresh Bitcoin acquisitions by the Michael Saylor-led Strategy, further fueling optimism.
Saylor, known for his bullish stance on Bitcoin, expressed his excitement as the cryptocurrency reclaimed $95,000, famously stating, “Bitcoin is faster.” His remarks likely reference Bitcoin’s superior performance relative to top assets in traditional stock exchanges.
As of this writing, Bitcoin is trading at $94,367.04, marking a 0.76% increase in the last 24 hours. Trading volume has surged by 14.76%, reaching $35.46 billion, indicating sustained investor activity in the market.
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