Analysts say BTC must recover spot demand to reach new highs

Bitcoin (BTC) must see a recovery in spot demand to levels observed in late 2024 in order to sustain its current rally and reach new all-time highs, Julio Moreno, head of research at CryptoQuant, told CNBC. Moreno said that while monthly spot demand for BTC has declined, the downward pressure on price has eased in recent days. He emphasized that a return to those previous peak levels is essential for continued upward momentum. Matt Mena, crypto analyst at 21Shares, noted that the next significant resistance level is around $95,000, where a price correction may occur if the current pace continues. The key psychological resistance remains near $100,000. Mena added that the evolving global macroeconomic environment underscores the growing need for digital stores of value, with BTC increasingly assuming that role. He said more investors now view BTC not merely as a speculative asset, but as a safe haven amid heightened uncertainty in traditional markets.