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

ChainCatcher news, CryptoQuant research director Julio Moreno stated that after a period of accelerated growth and a price nearing $112,000, Bitcoin demand is showing signs of cooling down. Spot demand continues to grow, but the growth rate has slowed and is currently below historical trends.

The purchasing volume of Bitcoin by whales and ETFs has halved. The demand from new investors is also declining. In the futures market, investors have recently chosen to take profits and begin establishing new short positions.

If the demand remains weak, Bitcoin may find support around $92,000, which corresponds to the on-chain actual cost price for traders and is a typical support zone during a bull market. If this support fails, the next support level may be at $81,000, close to the lower bound of the on-chain actual cost price for traders.