BTC Hits Around $94,000 – Can BTC Momentum Last Without On-Chain Demand?

The Bitcoin price rally is again capturing headlines as BTC breaks past $94,000, generating excitement across crypto markets. Traders are watching closely, with the $95K level acting as the next big test for bullish momentum. However, beneath the surface, the rally may not be as solid as it seems. Despite recent gains, analysts caution that the surge is primarily fueled by derivatives. ETF flows rather than organic demand. As Bitcoin price dominates charts, the lack of on-chain activity raises serious sustainability questions for the coming weeks.

Bitcoin Price Rally Fueled by Derivatives, Not Demand

The BTC price rally has reclaimed $90,000 with strong momentum, but analysts warn it’s being driven by speculative instruments rather than true user activity. A leading voice in crypto analytics, Maartunn, revealed that the BTC network shows limited signs of fresh demand, referring to it as a “ghost town.” While ETF flows and rising open interest paint a bullish façade, the Bitcoin bullish trend lacks the organic user base needed for long-term support, without rising on-chain engagement, even strong Bitcoin price support levels may be vulnerable to reversals. Investors should remain cautious as volatility returns.

Chart 1: Bitcoin: CryptoQuant Network Activity Index, published on TradingView, April 26, 2025

BTC Price Rally Faces Reality Check Amid Weak On-Chain Activity

The BTC price rally is now pressing against the $95,000 resistance, a key level that could define the short-term trend. Bitcoin price support near $90K has held firm, allowing bulls to regain confidence and aim for new highs. However, on-chain metrics tell a different story. Data shows limited wallet activity and fewer new participants entering the network. This divergence between price and fundamentals raises a vital question: Can the Bitcoin rally hold without real demand? 

Chart 2: BTC/USD live price, published on TradingView, April 26, 2025

The BTC bullish trend is facing critical resistance. A breakout above $95K could trigger a push toward $100K, but without real traction on-chain, the sustainability of this move is questionable.The Bitcoin price rally needs more than just institutional leverage, it requires consistent user growth. Until that happens, BTC price support at $90K remains the line between progress and pullback.

BTC Consolidates: Traders Brace for Next Big Move

BTC price watchers are closely observing BTC as it consolidates around $93K. While sentiment remains positive, the rally’s foundation is unstable. Bitcoin’s bullish trend depends on broader macroeconomic stability and consistent demand. With global tensions rising and on-chain metrics declining, the Bitcoin price could face strong headwinds. Traders must keep a close eye on Bitcoin price support at $90K. A failure to hold that level might result in a deeper correction, undermining bullish hopes. The question remains: Can the Bitcoin rally hold without real demand? The coming days could provide a crucial answer.

What’s Next: Breakout or Breakdown Ahead?

The Bitcoin price rally is nearing a decision point as it approaches $95K resistance. Bulls are optimistic, but the market needs more than hype to sustain this move. All eyes are on whether BTC can break above this level or retreat back to test BTC price support. If the BTC price rally is to continue, stronger network participation and spot demand must emerge soon. Until then, cautious optimism prevails, with traders carefully navigating this fragile BTC bullish trend.