Analyst: Bitcoin demand is slowing, potential support area is around $92,000

Odaily News Julio Moreno, head of research at CryptoQuant, said that after a period of accelerated growth and prices approaching $112,000, Bitcoin demand is showing signs of cooling. Spot demand is still growing, but the growth rate has slowed and is currently below the historical trend. Bitcoin purchases by whales and ETFs have been halved. Demand from new investors is also declining. In the futures market, investors have recently chosen to take profits and start to establish new short positions. If demand continues to be weak, Bitcoin may find support around $92,000, which corresponds to the trader's actual on-chain cost price and is a typical support area during bull markets. If this support fails, the next support level may be at $81,000, close to the lower track of the trader's actual on-chain cost price.