Bitcoin Gradual Recovery continues, the assets currently negotiating at $ 95,409 after having a gain of 1.7% in the last 24 hours. In the past two weeks, the BTC has climbed almost 15%, regularly recovering from its recent correction period.
Although the momentum seems to be measured in relation to past eruptions, the underlying market data suggest that structural changes are underway which could influence the next major movement.
Until now, several indicators are coming to improving feeling, in particular on the derivative market, which now dominates the volume of overall Bitcoin trading.
The recent observations of analysts highlight a change in the balance of commercial activities, suggesting that the long positions take up force compared to shorts. Meanwhile, updated cycle models suggest that Bitcoin can still have room to extend its current trend, structural similarities emerging between the current market and the 2017 cycle.
The Bitcoin Net Taker volume becomes positive, what does it point out?
According to the cryptocurrency analyst Darkfost, the mobile average 30 days from the volume of Bitcoin net lessee has remained firmly on a positive territory.
The volume of net lessee is an indicator that compares the relative size of long and short positions on the derivative market over a given period. A positive reading indicates that the purchase of pressure (long positions) prevails over the sales pressure (short positions), while a negative reading suggests the opposite.
Darkfost noted that derivative markets now represent around 90% of the total Bitcoin trading volume, exceeding spot and exchange volumes (ETF). Consequently, changes in the feeling of derivatives can often prefigure wider price movements.
The return of the volume of the Nettor in positive territory suggests that speculative participants are positioning themselves to continue upwards. This realignment on the derivative market, if sustained, could act as a catalyst to strengthen recent Bitcoin gains and prepare the field for a new price discovery.
Cycle model adjustments point to continuation to the trend
In a distinct analysis, the Cryptoque Mignolet analyst gave an overview of the long -term tendency of Bitcoin. Using a refined cycle model based on market capitalization data, Mignolet suggested that traditional cycle indicators have been slow to reflect the last recovery.
To resolve this discrepancy, adjustments have been made to the chronological series of the model to detect previous changes in market behavior. Mignolet observed that what seemed to be a “lowering market” area under traditional models was, in reality, an opportunity to buy in an in progress cycle.
According to Mignolet, the current market structure resembles the subsequent stages of the 2017 Haussier market rather than the first phases of a new slowdown. If this parallel is held, Bitcoin could still have a significant increase in potential before entering a major correction phase.
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