As Bitcoin (BTC) continues to reach new all-time highs, buyer interest on exchanges remains robust. Recent data from the on-chain analytics platform CryptoQuant indicates a pronounced dominance of buyers as BTC touches the pivotal $100,000 threshold in 2024. An uptick in buyer activity signifies bullish sentiment in the marketplace.
CryptoQuant: BTC Price Uptrend ‘May Continue’
New analysis from CryptoQuant reveals that the price of BTC, amidst its recent surge of 50% in under two months, is witnessing unwavering support from traders. Despite market volatility, buyers are demonstrating substantial dominance, indicating that the uptrend might persist.
CryptoQuant contributor Ibrahim Cosar highlights that the 90-day cumulative volume delta (CVD) favors Bitcoin bulls significantly. He notes, “Buy orders (taker buy) have once again outnumbered sell orders, which suggests that the bullish momentum could continue.” This behavior typically signals further price appreciation.
“This generally signals that the uptrend may continue.”
CVD measures the differential between buy and sell volumes over a three-month timeframe. Until mid-March, sellers had dominated the market, with BTC/USD encountering several multi-month lows. However, conditions have now shifted toward buyer dominance since May.
Hodlers Maintain Their Stance
Cointelegraph has reported that hodlers are largely holding onto their Bitcoin, demonstrating a reluctance to distribute their coins even at record highs. Daily profit-taking has significantly decreased; it is currently only half of what it was during the previous peak of $100,000 in December 2024, even as prices are now 10% higher.
Onchain analytics firm Glassnode emphasizes this strong holding behavior, elucidating that older coins have been markedly inactive during this current phase.
“Older coins were much less active this time, signaling stronger holding behavior.”
Furthermore, CryptoQuant observed an increase in price momentum following the reclaiming of the average cost basis for Bitcoin’s short-term holder cohort, just under $100,000. This level, historically regarded as a strong buy-the-dip indicator, has been crucial for the recent bullish market sentiment.
The market dynamics surrounding Bitcoin are complex, yet the prevailing buyer dominance, combined with lower activity among older coins, suggests that investors remain optimistic. As always, it’s essential for investors to conduct thorough research before making trading decisions in this volatile market.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
