Bitcoin faced a sharp decline yesterday, testing crucial support below the $92,000 mark. This move has sparked concern among analysts, as the $90,000 to $92,000 demand zone is seen as a critical level for maintaining Bitcoin’s bullish structure. A breach below this range could signal a deeper correction, potentially shaking market confidence in the short term.

The bearish sentiment is compounded by growing fears that BTC may not hold its current levels. Many traders are closely monitoring the price action for signs of a potential reversal or further decline. The stakes are high, as this zone represents a pivotal area for Bitcoin’s market momentum.

Adding to the discussion, CryptoQuant’s head of research, Julio Moreno, recently shared key insights into Bitcoin’s on-chain metrics. According to Moreno, BTC on-chain support could be as low as $80,000, which aligns with traders’ realized price levels. This suggests that if the current demand zone fails, BTC may find its next support closer to $80,000, adding weight to the bearish outlook.

Bitcoin Facing Correction Risk 

After yesterday’s price action, Bitcoin remains strong above key demand levels, holding steady as it tests critical support. However, there is a serious risk that BTC could experience a correction into the $80K range. 

CryptoQuant’s head of research, Julio Moreno, shared on-chain data indicating that Bitcoin’s price support may hover around $80K, identified by the trader’s realized price (represented by the pink line). This level marks the point where unrealized profits (the purple area) approach zero, meaning there is little incentive for traders to sell further at these levels.

While this $80K level could serve as a stron

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Author: Sebastian Villafuerte