Analyst: Bitcoin Demand Slowing Down, Potential Support Area Around $92,000

BlockBeats News, June 22nd, CryptoQuant's Research Director Julio Moreno stated that after a period of rapid ascent and with the price nearing $112,000, Bitcoin is showing signs of cooling off. Spot demand is still growing but at a slower pace, currently below historical trends. Whale and ETF Bitcoin purchases have been halved. The demand from new investors is also decreasing. In the futures market, investors have recently chosen to take profits and are starting to build new short positions.

If the demand remains weak, Bitcoin may find support around $92,000, a price level that corresponds to traders' on-chain realized cost, a typical support area during a bull market. If this support fails, the next support level may be around $81,000, close to the lower bound of traders' on-chain realized cost.