Bitcoin Spot Demand Yet to Confirm Above $82.000

Bitcoin’s market structure is improving, but the real confirmation of a breakout is still lacking. According to a CryptoQuant analysis, the key test is whether spot market demand can absorb enough supply to push the price convincingly above the $82.000 to $83.000 level. Bitcoin currently stands at $78.400, down 1.3% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

In brief:

• Bitcoin’s market structure is improving, but spot demand still has to confirm the breakout.
• The critical level is between $82.000 and $83.000.
• CryptoQuant data shows that large orders currently dominate over retail purchases.

Spot demand as the decisive factor

Analyst xwinfinance writes in an analysis via CryptoQuant that Bitcoin’s market structure looks better, but that there is no definitive breakout yet. The central question is whether spot market demand can absorb supply and push the price through the resistance zone of $82.000 to $83.000.

Earlier this week, Bitcoin remained stuck below $83.000 after strong job growth figures. This makes the resistance zone around this level all the more relevant: only when the spot market convincingly breaks that resistance can a new upward phase be confirmed.

Whales dominate, retailers still absent

CryptoQuant’s chart shows the average order size on the Bitcoin spot market since 2017. It shows that the current market phase is dominated by orders from whales, both large and smaller ones. Retail purchases, visible as red areas in the chart, are currently barely present.

That pattern is comparable to earlier phases in previous bull markets, in which whales typically enter before retailers. At the same time, recent data shows that buying pressure on Bitcoin is at its highest level since the bear market, reinforcing the picture of institutional interest. Whether that is enough to lift the price through the resistance zone depends on whether the spot market can process the supply around $82.000 to $83.000.