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Bitcoin (BTC), a cryptocurrency, has reached a new high-water mark (ATH), of $111980, on Binance. According to technical data, the BTC rally that occurred yesterday was dominated by buyers. BTC could see its price rise in the short term if this pattern continues.
Bitcoin Spot Market Regains Control by Buyers
A recent CryptoQuant Quicktake by the crypto analyst, ibrahimcosar suggests that buyers are dominating BTC’s spot market. Analyst ibrahimcosar noted that the Bitcoin Spot Taker cumulative volume delta (CVD), has returned to green territory.
The Bitcoin Spot taker CVD is a measure for the non-initiated. It measures the change in the taker volume of buys and sells on the spot exchanges. The rising spot taker CVD is a sign that the aggressive buyers have taken over, giving rise to potential bullish momentum.
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BTC Spot Taker CVD turning green is signficant. This is significant because it shows that buy orders now dominate the market after a long period where sell orders were dominant. The volume of orders to buy bitcoins has increased over time, which suggests the current momentum for Bitcoin may continue.
As shown in the chart shared by ibrahimcosar, the CVD remained mostly red for the majority of Q1 2025 – indicating strong selling pressure. The selling behaviour was in line with BTC, which had seen the asset drop from its previous ATH of $18,000 in January to a minimum price of $76,000 in early April.
It is noteworthy that BTC Spot Taker CVD turned green at a time when the asset was setting new highs. The fact that BTC’s Spot Taker CVD has turned green while the asset is setting new ATHs makes this trend especially noteworthy.
Nevertheless, the recent price movement could temporarily disrupt BTC’s momentum. Ali Martinez said in a post on X that BTC may soon be able to break out of its current range from $110400 to $111100.
A Different Kind Of Rally
Typically, BTC reaching a new ATH usually leads to euphoria in the market, which can lead to a sudden price drop that catches many investors by surprise. The current rally, according to experts, is unlike previous cycles.
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CryptoQuant Contributor Crazzyblockk provides a recent analysis. suggests It is important to note that the new BTC holders are still sitting on unrealized gains and do not show any panic sales despite BTC’s new-high price.
Whales’ reactions to BTC’s upward price trend have also been varied. Old whales, on the other hand, have not taken any major gains during this rally. resisted There is minimal evidence of sellers selling.
The BTC futures markets have neutral funding rates. reinforce The idea that this current rally has less to do with speculation and more to do with organic growth. BTC was trading at $108,553 as of press time. This is down 2.6% over the last 24 hours.
Charts from Tradingview.com, X and CryptoQuant.
“This article is not financial advice.”
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Source: www.newsbtc.com
