The demand for #البيتكوين shows signs of slowing down after a period of rapid growth, with momentum fading after prices approached 112,000 $BTC
US dollars, according to Julio Moreno, head of research at the cryptocurrency analytics firm Crypto Quant.
In the wake of today's events that led to escalating tensions between Iran and the United States, the price of Bitcoin fell below the $100,000 level, which it had hovered above for a long time.
According to Moreno, demand is still increasing in the spot markets, but the growth rate has declined from the historical trend.
Moreno noted that Bitcoin purchases by whales and exchange-traded funds have halved, and demand from new investors is also decreasing. In the futures market, investors have recently started opening new short positions by taking profits.
If this weakness in demand continues, according to Moreno, Bitcoin may find a support point at the $92,000 level, which corresponds to the average cost of investors on-chain. This level is considered a typical support area and is usually seen in bullish markets. However, if it is breached, the next important support level would be around $81,000, which represents the minimum of the average cost of investors.
*This is not investment advice.