The CEO of CryptoQuant recently emphasized a significant change in the dynamics of the crypto market, where Bitcoin buying on all exchanges is now strong enough to neutralize the previously dominant selling. This change marks an important development in trading behavior, indicating strong buying interest that could potentially drive the current market up.
According to analysis from the CEO of CryptoQuant, the dynamic between selling and buying has changed significantly. Data from the last cycle (2020-2022) shows that selling has consistently outpaced buying since May 2021, contributing to market pressure. The latest reversal, with stronger buying now evident on various exchanges, suggests growing confidence among investors.
This renewed investor confidence contributed to the price stability and bullish trend seen in Bitcoin's recent performance.
The CEO's statement comes as market participants witness a surge in buying activity across the crypto market. This increased buying pressure has been a major factor in the current positive trend, supporting an optimistic outlook for the short to medium term.
Additionally, analyst and trader, Skew, points out that the $65,000 level is an important resistance level for Bitcoin. He acknowledged the BTC price surge and noted that the current rally needs to break through and hold above the $65,000 level.
At the same time, the economic stimulus from China has had a significant impact on the behavior of the Bitcoin market. The stimulus has sparked a broader market rally in Asia, influencing investor sentiment in the crypto market.
In addition, macroeconomic factors also contributed to the current rise of the crypto market. Despite concerns about inflation, as shown by the recent CPI and PPI reports in the United States, the crypto market remains resilient. This resilience is due to a broader investor strategy shift in favor of digital assets as a hedge against traditional market volatility and inflation concerns.
Upcoming economic events, such as US jobless claims data and retail sales, will provide more insight into the health of the economy and may influence crypto market movements. A strong economic outlook encourages investment in digital assets, while any sign of economic softness pushes investors towards crypto as an alternative to traditional assets.
In line with the rise of Bitcoin and the crypto market, XRP surged by 266% in institutional buying amid legal developments between Ripple and the SEC.
At the time of writing, the price of Bitcoin is at $64,743.98, registering an increase of 3.28% in the last 24 hours. Market capitalization also increased by 3.28%, reaching $1.28 trillion, with trading volume increasing by 95.93% to $31.09 billion
