As Bitcoin (BTC) continues its attempts at recovery in recent days, buyers are starting to re-enter the market.
CryptoQuant notes that, according to the data, net Bitcoin purchase volume has increased, indicating that buyers are entering the market.
According to CryptoQuant, net buying volume measures the power imbalance between active buyers and sellers in the derivatives market, and this indicator has been positive since the outbreak of the US-Iran conflict.
This positive trend coincides with Bitcoin’s recent rise to $74,000 and indicates a resurgence in demand for the derivatives market.
Coinbureau CEO Nic Puckrin, pointing to the positive trend in net buying volume, said, “This means that buyers’ volume has surpassed that of sellers. Buyers are now controlling the market.”
The analysis platform Glassnode stated that, at the macro level, the price of BTC is stuck between the realized price ($54,400) and the actual market price ($78,000).
Glassnode stated that according to their charts, BTC spent much of 2023 between these two levels, adding, “Unless there are broader macroeconomic downturns, this December market could support a recovery rally.”
However, analysts noted that recovery rallies have repeatedly been stalled near the true market price (currently around $78,000).
Lastly, crypto analyst Titan, using a pseudonym, said that BTC rising above the $78,000-$80,000 range could signal a change in the long-term trend and reverse the downtrend.
*This is not investment advice.
