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In the past seven days, Bitcoin (BTC) has steadily climbed from $84,000 to over $94,000 as investors rekindle interest. Despite Bitcoin’s fluctuations to a low level, CryptoQuant, a leading on-chain platform, has shared an analysis supporting $90,000 as the newest support level for BTC.
Bitcoin's dormant capital reawakens to boost momentum
As per the analysis, "apparent demand" for Bitcoin, a metric to measure buying interest in BTC, has gone up. This measures the changes in one-year inactive supply, and the sharp rebound saw it rise from a negative demand of -200,000 BTC.
Yuri MolchanThis signals that dormant capital has reentered the market, and buying is picking up sharply. Previously, the market was experiencing heavy selling pressure and investor apathy.
However, the crypto market has seen buyers and investors return their funds to Bitcoin, and the price is likely to sustain its upward momentum.
This is generally seen as a bullish signal and indicative of a rally if the trend holds. With the steady climb in the last seven days, Bitcoin has maintained higher lows for most of its fluctuations. Notably, it has stayed above $90,000 for over four consecutive days.
Can Bitcoin post another rally?
As reported by U.Today, Bitcoin is consolidating above the $94,000 level, which could signal its readiness for another major rally. The asset’s Relative Strength Index shows potential for more upward movement.
The current uptick in price comes amid the fresh acquisition of Bitcoin by the Michael Saylor-led Strategy. Reacting to Bitcoin reclaiming $95,000, Saylor expressed his excitement with the iconic words, "Bitcoin is faster."
Saylor is likely referencing BTC against top assets in the traditional stock exchange.
As of this writing, the price of Bitcoin has changed hands at $94,367.04, a 0.76% increase in the last 24 hours. Investors remain active, as trading volume has risen by 14.76% to $35.46 billion.
Vladislav Sopov
Dan Burgin