CryptoQuant Assesses Bitcoin's Chances of Surpassing $83,000

The market structure for Bitcoin remains positive, but spot demand does not confirm the upward movement, analysts at CryptoQuant reported. Large investors continue to accumulate Bitcoin, while retail participants predominantly sell the asset. For a confident breakthrough, Bitcoin needs spot demand to absorb supply in the $82,000-$83,000 range. Bitcoin reserves in spot ETFs are increasing, indicating steady absorption of the asset by institutional investors. Negative spot demand continues to worsen due to retail investor sell-offs. Bitcoin reserves on Binance remain high, around 685,000-687,000 BTC, while the average seven-day net inflow of Bitcoin to the exchange has risen to 593 BTC. Inflows of stablecoins are also increasing, enhancing the potential supply of Bitcoin for sale. Open interest in Bitcoin on Binance recently surpassed $10 billion, reaching a six-month high. CryptoQuant believes that a key test for Bitcoin will be its ability to have spot demand absorb supply and push the price through $82,000-$83,000. If the negative trend in spot demand persists, the upward movement of Bitcoin may be broken.