Bitcoin has risen from $84,000 to over $94,000 in a week, supported by strong demand indicators. CryptoQuant analysis proposes $90,000 as a new support level, suggesting a potential rally if trends continue. Investor activity has surged, notably with Michael Saylor amplifying interest in Bitcoin as a robust asset.
In the past week, Bitcoin (BTC) has seen a steady rise from around $84,000 to just over $94,000, reflecting renewed investor interest. Despite facing some volatility, CryptoQuant, a prominent on-chain analytics platform, has indicated that $90,000 is now a solid support level for Bitcoin. This conclusion is backed by their analysis of buying trends, which shows increased demand despite earlier negative sentiment in the market.
According to their metrics, the so-called “apparent demand” for Bitcoin, which measures purchasing interest, has surged recently. It tracks changes in the supply of dormant BTC—coins that have been inactive for a year or more. The recent positive shift, returning from a -200,000 BTC demand indicator, suggests that previously dormant capital is once again flowing into the market. This is a stark contrast to the prior atmosphere dominated by selling pressure and general disinterest.
As buyer confidence rises, the outlook for Bitcoin appears optimistic. The price stability in recent days, consistently staying above $90,000 for over four days, is viewed as a bullish signal. Analysts are considering this trend as a precursor to a potential rally. Currently, Bitcoin is maintaining a presence above $94,000, which may indicate it’s gearing up for significant price movements in the near future.
U.Today highlighted that Bitcoin appears to be consolidating above the $94,000 mark—a development that might lead to another substantial rally. The Relative Strength Index for Bitcoin also suggests the possibility of further upward movement. Notably, this surge coincides with renewed buying activity from notable investors like Michael Saylor. Excited by Bitcoin’s recovery past $95,000, Saylor remarked that “Bitcoin is faster,” signaling its advantage over traditional stock market assets.
As of the latest update, Bitcoin is trading at approximately $94,367.04 after a 0.76% increase over the past 24 hours. Trading activity remains robust, with a reported 14.76% rise in volume, now at $35.46 billion. Investors are undoubtedly keeping a close watch on these developments, looking for strategic entry points in a rapidly shifting market.
