Why is the current spot demand in the crypto market so strong?
Since Bitcoin hit a low of $75,000 on April 9, the market has experienced a significant spot-driven rebound, accompanied by a noticeable horizontal accumulation phase. This step-like pattern is clearly visible in the Cost Basis Distribution (CBD) heatmap, showing supply clusters at similar price levels over the past three months.
The accumulation mechanism before each price increase ultimately pushed Bitcoin's price to $104,000. Over the past 30 days, a key accumulation zone has formed between $93,000 and $95,000, which aligns closely with the cost basis of short-term holders, indicating that this area could serve as a strong support level.
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