Bitcoin Bulls Gain Momentum as Taker Volume Turns Positive
Bitcoin Bulls Gain Momentum as Taker Volume Turns Positive
Bitcoin has been on a tear since early September, surging over 31% from its local lows around $53,000. While the cryptocurrency faced some selling pressure after testing the $69,500 resistance level, it remains strong, holding above the crucial $66,000 mark. This key level will determine Bitcoin’s next move.
Data from CryptoQuant reveals that despite recent bearish attempts, Bitcoin bears are losing their grip in the futures market. A key indicator has flipped bullish for the first time since July, suggesting that the current selling pressure may not be enough to push Bitcoin lower.
Holding above $66,000 would signal continued strength for Bitcoin, potentially leading to a sustained uptrend in the coming weeks. Investors are closely watching this level, as a break above it could pave the way for new highs and further momentum in the bullish cycle.
Bitcoin Taker Buyers Starting To Breathe
Crypto analyst Maartunn shared recent data from CryptoQuant, revealing that Bitcoin taker buyers in the futures market have struggled to gain an advantage over taker sellers throughout the past year. Maartunn highlighted a chart showing that the BTC net taker volume has turned positive for the first time since July, signaling a potential shift in momentum.
This trend change suggests that bears are losing control of Bitcoin’s price action, with buyers starting to gain strength. The data points to an accumulation phase, where large investors have suppressed Bitcoin’s price, keeping it from making significant gains or marking new monthly lows. The fact that BTC hasn’t posted new lows despite previous bearish pressure reinforces the view that this accumulation period may be ending, and a new bullish phase could be on the horizon.
Bitcoin Testing Crucial Support
Bitcoin is currently trading at $66,400 after a healthy retrace from its recent high of $69,500. The price now finds support at $66,000, which acted as a key resistance in late September and has since flipped into a crucial demand zone for BTC. Holding above $66,000 is essential for bulls to maintain control, as it signals strength and keeps the momentum alive for another attempt at breaking the $70,000 mark.
If Bitcoin can hold steady above this support level, the next logical target would be to challenge the $70,000 resistance, which has proven difficult to breach. A successful push past this level would likely trigger further upside, potentially driving BTC into new price discovery.
However, if the price falls below $66,000, a retrace to lower demand levels could occur. In this case, the daily 200 moving average at $63,300 is the next key area where Bitcoin could find support before resuming its upward trend.
The coming days will be crucial in determining whether BTC can maintain its bullish trajectory or if a deeper pullback is on the horizon.