Bitcoin Bulls Hold $83K Level – But Do They Have Enough Buying Power?

CryptoQuant warned that Bitcoin’s rally lacks strong buying demand, citing low trading volumes and cooling spot ETF inflows.

• Analyst Benjamin Cowen said bulls remain in control after Bitcoin closed the week above $83,000.
• Cowen recommended dollar-cost averaging in the second half of the U.S. midterm election year, citing Bitcoin’s recoveries following bottoms in 2018 and 2022.
• Tokenized stocks reached a record market value of $3.87 billion, with BNB Chain, Ethereum and Solana accounting for nearly 73% of the total.

Bitcoin (BTC) opens the week with a price above $83,000, but whether the gain will hold is unclear, as experts note sluggish buying demand. While Benjamin Cowen believes bulls are firmly in charge, Glassnode warns that low trading volumes and cooling spot Bitcoin ETF inflows suggest a tentative recovery. 

Meanwhile, tokenized equities have emerged as a bright spot, with total market value reaching a record $3.87 billion, led by BNB Chain (BNB), Ethereum (ETH), and Solana (SOL). As traders consider Bitcoin's next move, the expanding tokenization industry provides another trend to monitor this week.

The increase came after a weekly close over $83,000. “Bulls” are “in control” at this level, analyst Benjamin Cowen said, leaving bears to prove market momentum has reversed. He also suggested that dollar-cost averaging (DCA) in the second half of U.S. midterm election years may pay off, citing 2018 and 2022 as examples, both midterm years that saw Bitcoin bottom in the back half before turning higher.