Various factors show that demand for Bitcoin (BTC) has returned in both spot and futures sectors.
According to CryptoQuant Explorer divided Today, the buying and selling power of Bitcoin has exceeded the green zone for futures contracts. The last time he was in this area was four months ago.
This suggests that “buyers are once again in control,” said CryptoQuant market researcher and community manager, known by his pseudonym “Maartunn.”
This can be seen in the following chart of net taker volume, which measures the difference between the buying and selling volume of Bitcoin futures contracts. When it is positive (green), it means that the demand force is greater than that of supply, while it is negative (red), which reflects the opposite.
It should be noted that futures contracts are a type of financial derivatives popular in the Bitcoin market that, as CriptoNoticias Cryptopedia explains, allow the purchase or sale of the asset at a specific price on an agreed date.
The current dominance of buyers over sellers in Bitcoin futures is also consistent with what is being observed in the spot market.
Spot trading, also known as spot trading, is the direct purchase or sale of digital currencies. When supply in this market is greater than demand, the price of Bitcoin falls; However, if the opposite occurs, the price rises.
In the last four days Bitcoin price is mostly at $27,000, after spending a week at $26,000. This increase reflects that buyers have also once again dominated the spot market.
In any case, it is important to keep in mind that the price has also briefly traded above $27,000 twice in the last month and a half, as shown in the chart below. TradingView. Therefore, it will be necessary to see if the market manages to maintain this price level this time or if it falls back to $26,000, the area that prevailed during this period.
The current purchasing power that the spot market is experiencing comes in part from the most powerful Bitcoin investors. According to the researcher, these are sharks and whales, which are used to refer to those who own 10-1,000 BTC and 1,000-10,000 BTC, respectively. Santiment.
Santiment reported last week that whales and sharks reached their maximum aggregation level in 2023, with a total amount of 13.03 million Bitcoins. This amount currently represents $352,040 million.
According to analyst, BTC price exceeds key level
As Demand Pushes Bitcoin Above $27,000, The price closed above a bullish indicator in September. This is the 20-period Simple Moving Average (SMA). projection Today the trader and market analyst is known as “Mustache”.
“I think this is one of the most bullish macro charts for BTC right now,” said the specialist. He explained that this is because the price has reached a new all-time high (ATH) the last three times it has stayed above this line.
With the increase that BTC recorded in 2023, its price was again mostly above this indicator, with the exception of August. Therefore, according to Mustache, such a month can be considered a “fraud” and there are reasons to believe that the bull market will continue in the long term.
As CriptoNoticias reported, BTC closed six of the first nine of the year with gainsincluding September, although this period has historically been the most negative for the currency price.