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Bitcoin's Demand Surge Fuels Price Support at $90,000
Bitcoin (BTC) has demonstrated a strong recovery, climbing from $84,000 to over $94,000 in the past week, driven by renewed investor interest. Analysis from CryptoQuant indicates that $90,000 has become a robust support level for BTC.
Dormant Capital Re-enters the Market
CryptoQuant's analysis highlights a significant increase in "apparent demand" for Bitcoin, a metric reflecting buying interest. This surge is attributed to dormant capital re-entering the market, as indicated by a sharp rebound from a negative demand of -200,000 BTC. According to CryptoQuant, "A strong bounce from extreme negative values (below -200K BTC) suggests that previously dormant capital is rotating back in." 1 This suggests a shift from previous selling pressure and investor apathy to renewed buying activity.
Potential for Further Rally
Bitcoin's ability to maintain levels above $90,000 for four consecutive days signals a bullish trend. The article also notes that Bitcoin is consolidating above the $94,000 level, suggesting potential for another rally. Furthermore, Michael Saylor's enthusiastic reaction to Bitcoin reaching $95,000, stating, "Bitcoin is faster," underscores the growing confidence in the cryptocurrency's performance.
Current Market Status
As of writing, Bitcoin is trading at $94,367.04, up 0.76% in the last 24 hours, with a trading volume of $35.46 billion.