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#BTC Looking at the URPD today, there is a noticeably increased demand in the 80,000-85,000 range.
From Monday to Thursday this week, daily on-chain turnover has been between 150,000 and 200,000.
Demand (spot buyers) hasn't been very strong, so whenever there's selling pressure, the price drops quickly.
But today, there were 270,000 BTC turnovers added in the 80,000~85,000 range, which is above this week's average.
From a price perspective, after dipping just above 80,000 today, the price also showed resilience, trying several times to rebound to 85,000.
So, looking at the price, demand in this range is clearly much higher.
However, it's uncertain whether today's increased demand is determined by the overall price structure (many people want to buy between 80,000-85,000), or if it's just a result of today's dovish comments from Fed officials (just buy the news)...
In any case, this additional demand is definitely good news for the bulls.