Bitcoin's spot market is currently dominated by buyers, according to a CryptoQuant analysis released yesterday. This trend coincides with Bitcoin reaching a new all-time high of $111,980 on the Binance crypto exchange. The analysis suggests potential for further price appreciation in the near term.
The Bitcoin Spot Taker Cumulative Volume Delta (CVD) has shifted into green territory, indicating aggressive buyers are dominating the market. A rising Spot Taker CVD signals bullish momentum. This shift is significant as buy orders have regained dominance after an extended period of selling pressure throughout Q1 2025.
While Bitcoin is setting fresh all-time highs, the green CVD indicates buyers are willing to accumulate even at historically high prices. This accumulation likely stems from anticipation of continued upside. However, analyst Ali Martinez suggests a potential breakdown from the $110,400 to $111,100 range.
Analysis by CryptoQuant suggests new and short-term investors are holding substantial unrealized profits. They are not showing signs of panic selling. Whale reaction has been mixed, with new whales taking profits and old whales resisting selling.
This article is based on our author's analysis of materials taken from CryptoQuant posts and X posts by Ali Martinez.