After last week’s flash crash, the price of bitcoin sank again to the same depth, although it was corrected by a strong price. Notably, the leading cryptocurrenction entered below $105,000 on Friday as Crypto Liquidations rose above $1.2 billion. However, the buying activity of fundamental investors paints an encouraging picture of a bullish reversal.
The volume of Bitcoin Net Taker hits $ 309 million despite falling in price
In a quick post on X, popular analyst AMR Taha shares an update on the exchange activity in the Bitcoin market amid significant price corrections. The pundit reports that there is a big uptick in buying pressure, suggesting investors to keep accumulating in peace despite the current price weakness.
Notably, on-chain data shows that bitcoin hitting below $105,000 coincides with a spike in attor volume reaching October 10.
The move shows that, despite the temporary fluctuations, it remains a deep renewal of the confidence of bitcoin and sellers. This high accumulation activity during price demand tends to increase in formation below the area, as aggressive buyers absorb selling pressure, setting a parabolic price range.
In addition, while the taker volume was driven, Amr Taha reports that open interest (OI), which measures the total value of futures and permanent contracts, failed to rise in tandem. This deviation suggests that the trading activity is focused on the spot market rather than the intensity of the livestock acquisition, underlining the fact that investors are actively participating in the current market situation.
In short, the famous crypto analyst views this development of exchange activity as bullish under frevish. Taha explains that Stoot accumulation around key liquidity levels, such as the 105k zone, often serves as a basis for futures pricing and selling pressure.
Bitcoin is expressed by the confirmation of the price of gold
In other news, market analyst with the username Crypto Jebb echoes bitcoin’s big price possibilities. However, the expert expects that the premier cryptocurrency may see more before finally getting down to around $92,000.
Along with the growing idea, Jebb strikes his cunning idea on the possible circulation of capital from the gold market to Bitcoin if the former hits the New Market Peak. Notably, gold currently maintains an impressive bullish momentum, as it became the first asset to surpass the value of the global capital market.
Jebb predicts a cash cycle that eventually points to when the gold market begins to correct, with an influx of opportunities resulting from pushing bitcoin around the $150,000 price mark in January. In the period, Bitcoin trades at $ 107,053, which represents a decrease of 0.74% on the previous day following a modest download effort.
