Analyst: Bitcoin Demand Is Slowing, Potential Support Zone Near $9.2

Julio Moreno, Head of Research at CryptoQuant, stated that after a period of accelerated growth and with Bitcoin’s price approaching $112,000, there are now signs of cooling demand. While spot demand continues to rise, its growth rate has slowed and is currently below historical trends.

Bitcoin purchases by whales and ETFs have halved. Demand from new investors is also declining. In the futures market, investors have recently chosen to take profits and have begun establishing new short positions.

If demand remains weak, Bitcoin may find support around $92,000, which corresponds to traders’ on-chain realized cost and is a typical support zone during bull markets. If this support fails, the next support level could be around $81,000, near the lower bound of traders’ on-chain realized cost.