Bitcoin price has been enjoying significant bullish momentum over the past few weeks, with last week seeing its biggest rally in three months. According to several experts, the recent rally of the major cryptocurrency above $79,000 was mainly driven by demand from the perpetual futures market rather than the spot market. Recent on-chain assessments show that buying pressure on the Bitcoin derivatives side has yet to subside over the past few days.
BTC net taker volume surges to approximately $145 million
In a post on the X platform on April 25, anonymous analyst Darkfost stated that bulls continue to dominate the Bitcoin perpetual futures market. These on-chain observations are based on a surge in the Net Taker Volume indicator, which measures the difference between buy and sell order volumes in the derivatives market for a specific cryptocurrency.
On-chain indicators can be used to identify the most dominant player (buyer or seller) in the market at any given time. positive The Net Taker Volume indicator indicates that purchase volume exceeds: On the other hand, a negative value indicates that sellers are outperforming buyers in the Bitcoin derivatives market.
Darkfost wrote to X:
In addition to simply showing whether buying or selling pressure is dominant, it also reflects the prevailing sentiment among traders.
Darkfost, referring to CryptoQuant data, stated that Net Taker Volume, smoothed over a month to show real trends, is approximately $145 million. As highlighted by Onchain analysts, this indicator has remained positive for almost two months (since March 7).
In what appears to be a fairly established pattern in this cycle, Darkfost noted that the Bitcoin price has consistently responded with a bullish trend whenever indicators have shifted from dominant selling pressure and extremely negative sentiment to bullish new buying pressure. And this has been the case for the top cryptocurrencies since the first week of March.
Looking at the duration and intensity of buying volume, Darkfost said investors expect the current Bitcoin trend to continue in the near future, potentially pushing the price towards the $80,000 target. However, the $80,000 region has proven to be a significant value, so it’s important to proceed with caution. above resistance level last few days.
Bitcoin price at a glance
As of this writing, the BTC price is around $77,508, with no significant movement over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
editing process for focuses on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of the content for readers.
