As Bitcoin (BTC) takes a short breather after achieving 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 recent rise to… New heights.
These three indicators point to more room for Bitcoin
According to a CryptoQuant Quicktake post from Arab Chain Contributor, new data from Binance indicates that BTC is experiencing one of the most significant buying phases since the middle of the year. It is worth noting that the price of Bitcoin has risen from approximately $117,000 to $124,000 since the beginning of October.
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The Arabic series emphasized three main indicators that indicate… He comes back Of whales in the Bitcoin market. First, net buying pressure (vol_delta) has risen to over $500 million on some days, indicating that buying pressure is outpacing selling pressure by this amount.
Likewise, the imbalance ratio (imbalance_pct) recently reached a high of 0.23, indicating that Bitcoin buy orders on Binance were approximately 23% higher than sell orders. Typically, higher buy orders than sell orders indicate strong demand and potential upward pressure on the asset price.
Finally, the Z-score recorded a value of 0.79, reflecting above-average buying activity. For starters, a Z-score measures the number of standard deviations a data point has from the mean.
The CryptoQuant analyst noted that these indicators confirm that institutional buyers and whales have returned to the Bitcoin market with force. The Arabic series added:
This activity coincides with a clear increase in daily trading volumes, which reached their highest levels since last July, indicating that the rise is supported by real liquidity and not temporary speculation.
Recent trading sessions have shown a slight decline in the value of a few of these indicators – especially vol_delta, temporarily moving into negative territory. However, broader indicators still favor a continued uptrend for the top cryptocurrencies.
It is worth noting that average daily volatility remained low, confirming strong market confidence and stable demand. This is in stark contrast to the market behavior seen in September, when Bitcoin was struggling in the $100,000 range.
In conclusion, both technical and behavioral indicators support Bitcoin’s continued rise to $125,000 – $130,000 in the near term. The Arabic chain indicated that unless a strong wave of selling appears, any price correction should be viewed as an opportunity to accumulate Bitcoin.
What’s next for Bitcoin?
While predicting Bitcoin’s future is usually a challenge, some analysts are not shy about making predictions about the leading digital asset’s next price path. For example, BTC pricing ranges suggests A move towards $140,000 is likely.
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Likewise, quickly diminish Bitcoin reserves on cryptocurrency exchanges may push the price of the cryptocurrency to higher levels, possibly reaching $150,000 and beyond. At press time, Bitcoin is trading at $122,373, up 0.3% over the past 24 hours.
Featured image from Unsplash, charts from CryptoQuant and TradingView.com
The post Three Indicators Suggest A Run Toward $130,000 first appeared on Investorempires.com.
