As Bitcoin (BTC) takes a brief breather after creating a new all-time high (ATH) above $125,000, on-chain data shows that three key indicators played a major role in the digital asset’s latest rally to new 0 Three Indicators Suggest More Room For Bitcoin According to a CryptoQuant Quicktake post by contributor Arab Chain, fresh data from Binance suggests that BTC is witnessing one of its most significant buying phases since mid-year. Notably, BTC’s price has surged from around $117,000 to $124,000 since the beginning of 1 Reading: Bitcoin’s On-Chain Roadmap Shows $111,000 – $143,000 As The Range To Watch Arab Chain emphasized three key indicators that suggest the return of whales into the Bitcoin market.
First, the net buying pressure (vol_delta) surged past $500 million on some days, indicating that buying pressure outweighed selling pressure from this amount. Similarly, the imbalance ratio (imbalance_pct) recently hit a high of 0.23, suggesting that BTC buy orders on Binance were roughly 23% higher than sell 2 buy orders than sell orders usually indicate strong demand and potential upward pressure on the asset’s price. Finally, the Z-score recorded a value of 0.79, reflecting above-average buying 3 the uninitiated, a Z-score measures how many standard deviations a data point is from the 4 CryptoQuant analyst remarked that these indicators confirm that institutional buyers and whales have returned to the Bitcoin market in 5 Chain added: This activity coincides with a clear increase in daily trading volumes, which have reached their highest levels since last July, suggesting that the rally is being supported by real liquidity rather than temporary 6 trading sessions have shown a few of these indicators – especially vol_delta – slightly declining in value, and temporarily moving to negative 7 said, the broader indicators still favor a continued upward trend for the top cryptocurrency.
Notably, the average daily volatility has remained low, confirming strong market confidence and stable 8 is in stark contrast to the market behavior shown in September, when BTC was struggling in the $100,000 9 conclude, both technical and behavioral indicators support BTC’s continued rise to $125,000 – $130,000 in the near 10 a strong wave of sell-off emerges, any price correction should be viewed as an opportunity to accumulate BTC, Arab Chain noted. What’s Next For BTC? While it is typically a challenge to predict BTC’s future, some analysts are not shying away from giving predictions about the flagship digital asset’s upcoming price 11 instance, BTC’s pricing bands suggest a move toward $140,000 is 12 Reading: Bitcoin UTXO Falls To Lowest Level Since April 2024 — What This Means For Price Similarly, rapidly dwindling BTC reserves on crypto exchanges may propel the cryptocurrency’s price to even greater highs, potentially to $150,000 and 13 press time, BTC trades at $122,373, up 0.3% in the past 24 14 image from Unsplash, charts from CryptoQuant and 15
Story Tags
Latest news and analysis from NewsBTC
