Bitcoin Rises 7.12%, Signals Possible Trend Reversal
Key Takeaways
Bitcoin (BTC) is showing signs of recovery after falling into the $70,000 zone. A 7.12% increase within 24 hours suggests a possible trend reversal. Key market indicators, including CME gaps and on-chain data, support a continuation of the upward movement.
CME Gaps as an Indicator of Price Movement
CME gaps occur due to price differences between the Friday closing price and the Monday opening price, as the Chicago Mercantile Exchange (CME) does not trade on weekends. These gaps are often closed in subsequent price action.
Currently, Bitcoin has formed a CME gap between $80,670 and $77,930. Historical patterns show that BTC often reaches new highs after such pullbacks. If this pattern repeats, the price could first rise to $92,755, where another gap exists, before eventually reaching a new all-time high above $110,150.
On-Chain Data Shows Bullish Signals
The number of long-term Bitcoin holders is increasing. Addresses holding BTC for more than a year have reached 39.26 million. At the same time, short-term holders are decreasing. This reduces the available supply in the market and lowers the likelihood of impulsive selling.
Unspent Transaction Output (UTXO) data also confirms this trend. Bitcoin transactions conducted within the last 24 hours but not yet moved have increased by 26.07% to 216,520 BTC. Transactions not moved within a week have risen by 52.40% to 322,990 BTC.
Derivatives Market Indicates Rising Demand
Open interest – the total value of all open Bitcoin futures positions – has increased by 2.80% to $50.91 billion. This indicates that more market participants are betting on a continuation of the uptrend.
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Another bullish signal comes from the long-to-short ratio. With a current value of 1.0072, it is above 1, meaning that buying volume exceeds selling volume. If this value continues to rise, it would indicate growing demand in the derivatives market, potentially driving the Bitcoin price even higher.
Our Assessment
Current market indicators suggest a potential continuation of Bitcoin’s upward trend. CME gaps, rising holder numbers, and positive signals from the derivatives market indicate that BTC could continue to rise in the short term. However, the market remains volatile, and investors should closely monitor developments.
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