As Bitcoin ($BTC) has been attempting to recover in recent days, with buyers starting to re-enter the market.
CryptoQuant notes that its data shows that the net purchase volume of Bitcoin is increasing, indicating that buyers are entering the market.
According to CryptoQuant, net purchase volume measures the power imbalance between active buyers and sellers in the derivatives market, and this metric has been positive since the outbreak of the US-Iran conflict.
This positive trend coincides with Bitcoin’s recent rise to $74,000, indicating a resurgence in demand in the derivatives market.
Nick Pucklin, CEO of Coinbureau, noted the positive trend in net purchase volume, saying, “This means buyer volume has exceeded seller volume. Buyers are now in control of the market.”
Analysis platform Glassnode says that at a macro level, prices are: $BTC You are caught between the realized price ($54,400) and the actual market value ($78,000).
According to the chart, Glassnode says: $BTC He said the market will spend much of 2023 between these two levels, adding: “Barring a broader macroeconomic downturn, markets this December could support a rebound in recovery.”
However, analysts noted that the rebound has repeatedly stalled around the true market price, currently around $78,000.
Finally, crypto analyst Titan said using a pseudonym: $BTC A break above the $78,000 to $80,000 range would indicate a change in the long-term trend and could result in a reversal of the downtrend.
*This is not investment advice.