- Bitcoin’s 30-day apparent demand has turned positive, reflecting a potential early sign of renewed market momentum.
- Institutional investors like MicroStrategy and Metaplanet continue accumulating BTC, contributing to overall market stability and upward price pressure.
- Bitcoin’s network hashrate has reached record levels, signaling enhanced miner confidence and increasing decentralization.
Bitcoin’s price is moving toward $90,000 following a notable bounce in demand. This comes after a period marked by negative sentiment that weighed on market performance. Recent metrics indicate a shift, with the 30-day apparent demand turning positive, suggesting a possible change in momentum.
The renewed strength in demand resembles patterns seen in earlier bull cycles. However, analysts note that previous recoveries often saw extended consolidation before prices moved significantly higher. While optimism is rising, this development alone may not confirm a full trend reversal.
Network Hashrate Hits Record Highs
The rising demand also aligns with a continuous increase in Bitcoin’s network hashrate. A higher hashrate reflects growing miner confidence and improved network security. According to analyst Miles Deutscher, the ongoing rise points to strengthened decentralization and infrastructure stability, both seen as long-term positives for Bitcoin.
The critical support area for Bitcoin currently exists at $82,024 and coincides precisely with the accumulation zone where more than 96,000 BTC was bought. The support level maintains its significance because massive purchases had occurred around this zone previously. Few experts believe that retaining this support might enable Bitcoin to increase in value.Crypto analyst Ali Charts stated,
Institutional Buying Boosts Market Confidence
The current market recovery received additional support as institutions participated in investing funds. The company MicroStrategy expanded its Bitcoin holdings through a new purchase of 3,459 BTC, which increased its entire Bitcoin portfolio to 531,000 BTC valued at $35.92 billion. Institutional interest received another boost when Metaplanet purchased 319 BTC to join previous major investors. Bitcoin holdings have emerged in recent disclosures from a total of 79 different companies.
The cryptocurrency market has surpassed the $74,000 to $78,000 resistance block, resulting in $97,000 as the new market milestone. This important price threshold will function as a deciding factor for advancing market movements. The consensus among experts predicts Bitcoin reaching $110,000 this late summer based on how upcoming resistance zones are managed.
