Bitcoin markets have seen a powerful rally since the $75k price low set on April 9, characterized by strong spot-driven demand.
This rally has been marked by noticeable sideways accumulation phases before each significant move higher. This stair-stepping pattern is evident in the Cost Basis Distribution (CBD) heatmap, which illustrates the supply clusters that have accumulated at similar price levels over the past three months. 
Accumulation Phases and Market Movements
The CBD heatmap reveals the accumulation regimes that formed ahead of each leg higher, culminating in BTC’s recent move to $104k. This consistent pattern of accumulation at various price levels highlights a steady buildup of demand, signaling market confidence and strong buying pressure.
Key Accumulation Zone Between $93k and $95k
Zooming in on the last 30 days, a key accumulation zone has emerged between $93k and $95k. This range closely aligns with the Short-Term Holder cost basis, which reflects investors who entered the market within the past 155 days. As a result, this zone is likely to serve as a critical support level should the market experience any short-term pullbacks. It represents a demand zone where investors are likely to see value, reinforcing the market’s bullish momentum.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/bitcoin-markets-show-strong-spot-demand/