Following a new all-time high (ATH) of $126,199 on Binance, Bitcoin (BTC) is now consolidating in the low $120,000 0 exchange data – such as Cumulative Volume Delta (CVD) Confirmation Score – suggests that BTC is benefitting from strong underlying 1 Confirmation Shows Strong Demand For Bitcoin According to a CryptoQuant Quicktake post by contributor Arab Chain, Bitcoin’s CVD Confirmation Score – a 30-day rolling correlation between Bitcoin’s price and the CVD – is suggesting a strong resynchronization of the 2 Reading: Bitcoin Decouples From Miner Flows With -0.15 Correlation – What It Means For Price? For the uninitiated, the CVD Confirmation Score measures the 30-day correlation between Bitcoin’s price and the CVD, which tracks the net difference between taker buy and sell volumes on exchanges.
A high score (above 0.7) indicates that price increases are backed by real buying pressure, while a low or negative score suggests weak or speculative 3 data from Binance shows that the CVD Confirmation Score currently hovers around 0.8 to 0.9, indicating that the current price surge is largely driven by genuine taker buying rather than a technical bounce or a short 4 data also suggests that whenever this data point has remained about 0.7 for an extended period, price corrections tend to be relatively shallow and 5 is because new liquidity in the market quickly absorbs any incoming supply of 6 CryptoQuant analyst remarked that if the CVD Confirmation Score continues to hover above 0.7 – coupled with a decisive breakout above the $124,000 – $126,000 resistance zone – then it could be on its way to a potential target of as high as $135,000.
However, any negative divergence with BTC price rising and CVD Confirmation Score dropping below 0.4 should be seen as a warning sign, as it increases the likelihood of distribution or liquidation pressure. Conversely, the $112,000 – $115,000 and $108,000 – $110,000 stand out as strong support levels for 7 these price levels, the CVD Confirmation Score should remain steady to ensure the uptrend remains 8 Chain added: The underlying trend is bullish and supported by real inflows on Binance, the highest-volume exchange 9 three confirmation signals: CVD Confirmation stays high, open interest remains moderate, and funding does not become 10 clear imbalance across these metrics will be the first warning of a momentum 11 BTC Due For A Correction?
While bulls are hoping for an extended rally for BTC, some analysts aren’t quite convinced about the digital asset surging to new highs in the near 12 instance, crypto analyst ZVN recently stated that BTC may witness a pullback before its next surge to $150,000. Related Reading: Short-Term Holder Supply Rises By 559K Bitcoin – New Buyers Flood the Market Similarly, fellow crypto analyst Dick Dandy recently predicted that BTC may witness a massive 60% price correction, falling all the way down to $43,900. At press time, BTC trades at $118,791, down 1.8% in the past 24 13 image from Unsplash, charts from CryptoQuant and 14
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