Bitcoin’s recent upward momentum appears to have slowed after climbing nearly 10% over the past week. Following a move above $95,000, Bitcoin is currently trading at $94,686, reflecting a modest 0.7% gain over the past 24 hours.
Although the asset has demonstrated resilience following its recent correction, its latest price action indicates a pause in its upward momentum as market participants reassess near-term direction.
So far, analysts have looked into BTC’s spot market activity and key on-chain indicators to determine whether Bitcoin can sustain its broader recovery.
New insights from CryptoQuant analysts particularly highlight important developments related to buying and selling behavior on major exchanges, alongside critical metrics that could influence the confirmation of a continued bullish trend. These metrics may provide clues as to whether Bitcoin can maintain its current levels or if additional corrective phases are possible.
According to CryptoQuant analyst Joao Wedson, a significant shift has occurred in Bitcoin’s spot trading activity on Binance. For the first time in six months, the Cumulative Volume Delta (CVD) on Binance spot markets has turned positive, meaning cumulative buying volume is now exceeding selling volume.
The CVD measures the accumulated difference between buy and sell volumes, providing insight into the net pressure in the spot market over time. Wedson noted that since Bitcoin’s recent low around $75,000, the Binance Spot CVD has been trending upward, suggesting growing buying interest relative to selling.
Historically, Binance’s spot CVD has shown a consistent downtrend since 2021, with limited periods of sustained positive momentum. Given Binance’s influence as the largest global exchange, the recovery of the CVD metric is being viewed as an important development to gauge risk appetite and broader market sentiment.
In a separate analysis, another CryptoQuant analyst, CryptoMe, emphasized the importance of Bitcoin’s relationship to the Short-Term Holder Realized Price (STH-Realized Price) when evaluating the sustainability of a bull market.
The STH-Realized Price represents the average purchase price of coins held by short-term holders, typically considered an important support or resistance level during market cycles.
CryptoMe explained that during historical bull runs, Bitcoin tends to maintain its price above the STH-Realized Price. In the current environment, Bitcoin is testing this level, and its ability to decisively break above it could signal a continuation of bullish momentum.
The analyst advised that as long as Bitcoin remains below the STH-Realized Price, maintaining a hedge in derivatives markets could be a prudent strategy. Conversely, if the price moves above this threshold, closing hedge positions and focusing on spot investments could align with market structure trends.
Featured image created with DALL-E, Chart from TradingView
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