Summary
- It was reported that the recent surge in Bitcoin is due to an increase in buying volume in the spot market.
- It was stated that the bullish market for Bitcoin could continue due to buying pressure in the spot market.
- It was reported that if Bitcoin hovers above $90,000, it could serve as a foundation for breaking through the psychological resistance level of $100,000.
According to Cointelegraph, a cryptocurrency-focused media outlet, the recent surge in Bitcoin (BTC) has been accompanied by an increase in buying volume in the spot market, which is interpreted as a positive signal indicating a sustainable bull market.
The media stated, "During this BTC surge, there were no noticeable changes in the margin and futures markets," analyzing that "the lukewarm response in the futures market suggests that the recent buying pressure mainly originated from the spot market."
It continued, "The longer Bitcoin hovers above $90,000, the greater the pressure on bears to liquidate their short positions," adding, "Movements above $90,000, in particular, act as a factor strengthening decoupling from the stock market, which could serve as a foundation for breaking through the psychological resistance level of $100,000."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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