Bitcoin Surges Past $94,000: Dormant Capital Reenters Market

Bitcoin's Recent Rally

Bitcoin (BTC) has shown strong upward momentum, rising from $84,000 to over $94,000 in the past week. According to CryptoQuant, $90,000 has emerged as a key support level, bolstering hopes of sustained growth.

Dormant Capital Returns

The "apparent demand" metric, which tracks changes in one-year inactive supply, has rebounded sharply from -200,000 BTC to indicate rising buying interest. This suggests that dormant capital is reentering the market, driving Bitcoin's upward trajectory.

Bullish Indicators

Bitcoin has maintained higher lows during its fluctuations, staying above $90,000 for four consecutive days. The Relative Strength Index (RSI) further supports the potential for continued upward movement, signaling a bullish trend.

Market Sentiment Shifts

The return of buyers and investors has shifted the market dynamic from selling pressure to renewed optimism. This uptick coincides with fresh Bitcoin acquisitions by Michael Saylor's Strategy, with Saylor expressing excitement over Bitcoin's resurgence.

Current Price Action

At $94,367.04, Bitcoin has gained 0.76% in the last 24 hours, with trading volume surging 14.76% to $35.46 billion. This heightened activity underscores growing investor confidence in Bitcoin's rally.

With Bitcoin consolidating above $94,000 and showing signs of strength, the stage may be set for another major rally, reinforcing its position as a leading asset in the crypto market.