Dip Buyers Cautiously Accumulate BTC, Await $90K as Key Support

Bitcoin’s realized market cap has reached an all-time high of $872 billion, which shows that a considerable amount of money has been pouring into the asset over time. This measure shows how much BTC was worth at its last price change and that users are committed to keeping their coins for a long time. However, this realized cap’s monthly growth rate has slowed to 0.9%, meaning less new capital is coming in. The slower pace is due to investors being careful, even though Bitcoin has reached a significant milestone.

Profit-Taking and Underwater Holders Influencing Sentiment

Glassnode data shows a sharp 40% drop in realized gains and losses, which suggests that many people are taking their profits and giving up. These changes come at a tough time for short-term users. The realized price for CryptoQuant is $91,600, but BTC is staying below that level. This puts many of these new buyers “underwater,” which raises the risk of sell-offs if prices keep decreasing. Bitcoin’s Short-Term Holder Market Value to Realised Value (MVRV) is still below 1, which often indicates an opportunity but also indicates holders who are losing money.

Diverging global sentiment raises market tension

Different demand levels for Bitcoin in other areas make things even more complicated. Recently, the Coinbase Premium went up in the U.S., suggesting buyers want to buy more. During the recent decline, the Kimchi Premium Index, which shows Koreans’ interest in shopping, went down. Business or U.S. demand may keep Bitcoin prices high, but retail interest is waning, especially in Asia. 

Key Levels and Resistance Await Breakout

Bitcoin’s price has increased between $85,440 and $82,750 since April 11, which shows buyers aren’t sure what to do. On smaller periods, like the 4-hour chart, the 50-day, 100-day, and 200-day moving averages support BTC, showing that its structure is very strong. However, on the 1-day chart, those same trends show up as resistance, which means that bulls and bears are in a tug-of-war. 

Conclusion

Even though the long-term trend is positive, buyers of Bitcoin dips are being careful because of short-term headwinds. Even though some buying is near the low range, buyers need a decisive move above $90K to overcome their hesitancy.