Bitcoin Price Below 100,000 Dollar: Research Company Chief Analyst Explained the Next Support Level!

The head of research at the crypto analysis firm CryptoQuant, Julio Moreno, stated that the demand for Bitcoin has shown signs of slowing down after a rapidly increasing period and that momentum has decreased following the price approaching the $112,000 level.

Following the events that led to the escalation of tensions between Iran and the US, the price of Bitcoin has fallen below the $100,000 level it has been hovering around for a long time.

According to Moreno, demand in the spot markets is still increasing, but the growth rate has fallen below the historical trend.

Moreno stated that Bitcoin purchases made by whales and ETFs have decreased by half, and that demand from new investors is also declining. In the futures market, however, investors have recently started taking profits and opening new short positions.

If this weakening in demand continues, according to Moreno, the $92,000 level corresponding to the average cost of investors on the Bitcoin chain could be a support point. This level is generally considered a typical support area seen in bull markets. However, if this support is broken, it is stated that the next important support level is around $81,000, which represents the lower band of the average cost for investors.

*It is not investment advice.

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