BlockBeats News, March 12th, according to Cointelegraph’s report, CryptoQuant data shows that as the demand for Bitcoin derivatives rebounds, the net buy volume of Bitcoin indicates that buyers are entering the market. Net buy volume is an indicator that measures the imbalance of power between active buyers and sellers in the derivatives market. Since the outbreak of the US/Iran conflict, this indicator has remained positive. This positive trend is in line with Bitcoin’s recent price spike to $74,000, indicating a resurgence in demand in the derivatives market. Coinbureau CEO Nic added, “This shows that the buyer’s buy volume has exceeded the seller’s, and buyers are in control of the market.”
TradingView data shows that Bitcoin has been consolidating in the $62,000 to $72,000 range for over four weeks, making multiple unsuccessful attempts to break through $70,000. From a more macro perspective, the BTC price is still sandwiched between the realized price (average cost at $54,400 for all circulating supply) and the true market price (cost basis of $78,000 for active trading coins).
Glassnode states, “In the absence of broader macro headwinds, this range may support a relief rally of a bear market, with its upper limit constrained by the true market price.” The chart shows that BTC price spent most of 2023 between these two cost levels, with relief rallies being repeatedly blocked near the true market price. Ultimately, in October 2023, with the news of the approval of a US Bitcoin spot ETF, the price saw a breakthrough. Crypto trader and analyst Titan stated that if the BTC price breaks through the $78,000–$80,000 range, it may signal a change in the long-term trend.
