Bitcoin (BTC) surged past $79,000 Wednesday during New York trading. Analysis indicates a decrease in immediate selling pressure due to declining Bitcoin supply on exchanges.
Demand for Bitcoin derivatives on Binance has returned, with cumulative net taker volume hitting $9.2 billion, the highest since February. This suggests aggressive buyers are absorbing available liquidity, according to CryptoQuant analysts. The 90-day Futures Taker cumulative volume delta (CVD) has also seen a consistent uptick since late March. Simultaneously, spot Bitcoin ETFs experienced $1.9 billion in inflows over the past week.
Further indicators of a potential bull market include a six-month high in the bull score index. Bitcoin reserves on Binance have tightened, falling from approximately 675,000 BTC in early January to around 618,300 BTC. Historically, such low levels have often preceded Bitcoin price bottoms.