Bitcoin Breakout Hinges on Spot Demand Amid Continued Accumulation by Large Investors
CryptoQuant analysts believe that Bitcoin's market structure remains positive, but spot demand has yet to confirm the upside move.
Large investors continue to accumulate Bitcoin, while retail participants are mostly selling it. For a decisive breakout above $83,000, spot demand needs to absorb the available supply around this level.
The analysts noted that large investors' holdings in spot ETFs continue to rise, indicating steady absorption of the asset by institutional investors. A noticeable 'buy wall' is forming around current price levels from large players.
However, a negative reading for Bitcoin spot demand continues to worsen, mainly due to selling by retail investors. These participants tend to sell their coins even as the price rises, according to CryptoQuant.