Bitcoin Price Dances With $94,000 As Rising Institutional Demand Reinforces A Bullish Setup

"The bitcoin price is trading near $93,000, with roughly $81 billion changing hands in the past 24 hours. The price is up 3% on the day, holding just 1% below today's high of $93,929 and about 3% above the weekly low near $90,837. Nearly 19.96 million BTC are in circulation, inching toward the fixed 21 million cap. The move pushed Bitcoin's global market value to $1.86 trillion, also up 3% over the same period."

"According to analysts, the Bitcoin price briefly dipped under its Metcalfe-based fair value for the first time since 2023, signaling what analysts say is a classic late-cycle reset. The move came during a sharp 36% drawdown that dragged the Bitcoin price towards $80,000 last week, erased excess leverage and flushed out speculative positions."

"The network's internal dynamics have also shifted. Long-term holders accumulated roughly 50,000 BTC over the past ten days, reversing months of steady distribution. Coins are maturing from short-term traders into long-term storage, reducing sell pressure at a moment when bitcoin is attempting to reclaim higher levels. Bitcoin recovered back above $90,000 this week and traded at highs of $93,978 on Wednesday."

Bitcoin trades near $93,000 with roughly $81 billion in 24-hour volume and a global market value of about $1.86 trillion. Nearly 19.96 million BTC are circulating toward the 21 million cap. The price briefly dipped below its Metcalfe-based fair value for the first time since 2023 and underwent a sharp 36% drawdown toward $80,000 that erased excess leverage and flushed speculative positions. Historical data show twelve-month gains averaging 132% with positive performance 96% of the time after similar undervaluations. Long-term holders accumulated roughly 50,000 BTC over ten days, reducing sell pressure. The Federal Reserve ended Quantitative Tightening and markets price a near-certain December rate cut, aligning macro conditions with on-chain signals and past QT reversals that preceded major rallies.

Read at Bitcoin Magazine