Analysts Identify Crucial Level for Bitcoin Bulls

The leading cryptocurrency is trading around $92,500 — the level of the short-term realized price. Analysts at Alphractal believe that maintaining above this mark will signal a shift in market sentiment.

? Bitcoin at a Crossroads: Bulls vs Bears at $92.5K

Despite the recent price surge, we still haven’t seen significant on-chain shifts. Bitcoin is currently sitting right at the Short-Term Realized Price — a critical threshold around $92,500. Holding above this level is… pic.twitter.com/0Q1xW3UJrZ

— Alphractal (@Alphractal) April 23, 2025

“It will take a few more days to confirm whether the behavior of key players is truly changing,” the analysts added.

According to experts, the recent price surge to $94,000 has not yet led to qualitative changes in on-chain activity.

They suggest that the current complex situation could lead to a wave of liquidations — open interest has soared by more than $10 billion in a few days due to a sharp increase in leverage.

Bullish Arguments

CryptoQuant recorded the largest outflow of coins (100 DMA) from exchanges since February 2023, which has historically been a positive signal.

The highest Bitcoin outflow from exchanges since February 2023

“A review of historical patterns suggests that this could imply re-accumulation of assets by investors.” – By @CryptoOnchain

Read more ⤵️https://t.co/YP85SFVlVJ pic.twitter.com/uEOT0czYZH

— CryptoQuant.com (@cryptoquant_com) April 24, 2025

Analyst and MN Trading founder Michaël van de Poppe described the current correction as a “natural” development.

Fairly normal to have a slight correction here on #Bitcoin as it’s just had a massive breakout.

Buyers likely going to step in and then we’ll be continuing our path towards a new ATH. pic.twitter.com/mIh1qTQhdv

— Michaël van de Poppe (@CryptoMichNL) April 24, 2025

“Buyers will step in, and then we will continue our path to a new ATH,” the expert predicted.

On April 23, investors directed $916.9 million into spot ETFs based on digital gold, totaling $2.342 billion over the past four days.

Earlier, BitMEX co-founder Arthur Hayes predicted that the value of digital gold would rise above $100,000 due to the U.S. Treasury’s buyback of government bonds.