Bitcoin (BTC) trades close to $66,000 on Monday. The largest asset by market capitalization has noted a steady increase in its demand among traders since April 2024, according to data from crypto intelligence tracker CryptoQuant. BTC is 12% away from its all-time high. The asset needs to close above a key resistance at $66,849 to confirm a bullish breakout from the descending channel pattern on the weekly time frame. Once the asset breaks out, BTC could attempt a return to the all-time high at $73,777. Bitcoin on-chain data from crypto intelligence tracker Santiment shows that retail investors and small whales holding between 10 and 1,000 BTC have consistently accumulated since October 1. In the same time period, large wallet investors and entities have shed their BTC holdings. Consistent demand from retail traders could generate buying pressure across exchange platforms and fuel the bullish thesis for Bitcoin.
CryptoQuant reported that there has been a spike in BTC demand, growing at the fastest monthly pace since April 2024. This fuels the potential for gains in BTC price. The apparent demand chart shows how demand increased in October, reaching its highest level in six months
