BTC net taker volume signals bullish shift
BTC net taker volume signals bullish shift
According to CryptoQuant data, a key indicator — Net Taker Volume — has flipped positive for the first time since July. How does this apply to bitcoin price movement?
Since early September, Bitcoin has surged by an impressive 31%, bouncing from local lows around $53,000. The rally peaked at $69,500 on 21st October—a 12-week high. Yet, despite this push, selling pressure emerged.
After peaking at $69,500, Bitcoin quickly lost over 5%, hitting a low of $65,300 by 23rd October. However, bulls have managed to regain some control, pushing prices back up to $67,300, marking a 3.35% recovery. The recovery was also supported by the 20-day EMA which cushioned further losses by providing an immediate support ground for buyers.
The Net-Taker-Volume sentiment indicator which flipped positive for the first time since July shows that bears, despite their recent attempts to push Bitcoin lower, are starting to lose control, especially in the futures market.
Bitcoin price analysis and prediction
The indicator suggests an accumulation phase, where large investors have kept Bitcoin’s price from making new lows. If this trend holds, we could be on the cusp of a new bullish phase.
However, technical factors reveal that if Bitcoin fails to hold above $66,700—a critical support zone—it could signal further downside. On the flip side, breaking through resistance could set the stage for a fresh attempt at new all-time highs.
Now, let’s not forget about the technical factors at play. With the U.S. presidential election coming up on November 5th, historical data shows that financial markets tend to experience increased volatility. The same could happen for Bitcoin.
Billionaire hedge fund manager revealed that he is long on Bitcoin. This adds to the growing list of institutions backing the cryptocurrency.
