Bitcoin has experienced a 4% price increase since yesterday, a modest but significant growth that highlights strong demand at the $92,000 level. This movement confirms the resilience of BTC at key support zones and indicates that market sentiment remains positive despite recent fluctuations. The price action reflects investor confidence as BTC continues to build momentum after bouncing from its recent lows.

CryptoQuant analyst Axel Adler recently shared on-chain metrics that shed light on the current demand macro levels for BTC. According to his analysis, the $92,000 mark stands as a crucial level of support, with demand intensifying at this price point.

However, Adler also pointed out the importance of the $80,000 level, which is another significant price level to watch in the current market cycle. As BTC trades between these key levels, it remains vital for bulls to sustain upward momentum to avoid further corrections.

With the $92,000 zone holding firm, Bitcoin is poised for a potential rally if it can maintain support above this level and push higher. However, market participants will keenly watch the $80,000 level as a potential area of risk, as a drop below it could shift the overall market sentiment.

Bitcoin Demand Revealed 

Bitcoin has recently experienced a pullback from its all-time high (ATH), leaving investors questioning where the relevant support levels lie. After hitting new peaks, the correction has sparked discussions about where the next strong levels of demand might be and how the market will respond to these shifts.

CryptoQuant analyst Axel Adler shared valuable on-chain data revealing that the average purchase price for new Bitcoin whales is $81.2K, while older whales have an average purchase price of $30.1K. This data offers insight into the accumulation patterns of large investors, highlighting their positions as critical indicators for Bitcoin’s price action.

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Author: Sebastian Villafuerte