Bitcoin’s price recently jumped above $105,000, and things are looking bullish. One key indicator, the Spot Net Volume Delta on Binance, has turned positive, suggesting a surge in buying activity.
Binance Shows Strong Bitcoin Spot Volume
Binance, the world’s leading crypto exchange (handling over 26% of global spot volume), is seeing a lot more Bitcoin buying. This positive shift in the Spot Net Volume Delta means more investors are buying BTC at current prices – both institutional and retail. This could fuel further price increases.
Interestingly, while buying is up, selling pressure has actually decreased, even with the price above $100,000. This is a significant point according to on-chain expert Darkfost.
Cautious Optimism: Past Trends and Potential Pitfalls
Darkfost cautions that a sudden spike in Binance’s Bitcoin Spot Net Volume Delta has sometimes coincided with market peaks in the past. This doesn’t mean it’s definitely
a top, but it’s something to keep in mind.
He points out two main reasons for these volume spikes:
- Euphoria: Investors get excited, reducing risk and chasing profits.
- Profit-Taking: Once new highs are hit, people start cashing in.
This combination can lead to huge volume spikes, so monitoring selling pressure is key. For now, though, the increased spot volume is a positive sign for the market.
Bitcoin’s Potential Price Peak: A Prediction
Crypto analyst Mags predicts Bitcoin could reach a peak of $207,701 this cycle. This prediction is based on past trends and Fibonacci extension levels. While the most bearish scenario puts the peak around $154,522, a repeat of past patterns suggests a much higher potential.
