Glassnode: "BTC, Spot Buying Continues to Increase"
"Support Level at $93,000-$95,000, Supporting Rally"
Derivatives Market Betting 'Neutral'... "Rally Probability Increases"
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On-chain analysis platform Glassnode claimed on the 18th that daily Bitcoin buying on Coinbase reached $45 million, with spot market demand significantly exceeding derivatives market demand.
The new support level for Bitcoin's recent price increase, as identified by Glassnode, is between $93,000 and $95,000. Glassnode argued that Bitcoin has built a strong support line between $93,000 and $95,000 by those who bought Bitcoin within 155 days, and this support line is driving the current Bitcoin rally.
The Glassnode report explained that "the current Bitcoin is accumulating buying pressure above $93,000, causing the price to rise in a step-like structure".
Analysis suggests that the amount of betting in the derivatives market has significantly decreased. Glassnode pointed out that the open interest in the derivatives market decreased from 370,000 Bitcoin to 336,000, a decrease of about 10%, indicating a significant reduction in market sentiment.
Glassnode argued that Bitcoin could continue its additional rally by pointing out the betting distribution in the derivatives market. Glassnode identified that many open interests in the derivatives market remain in a 'neutral' state, which is evidence of reducing the risk of large-scale liquidation of Bitcoin.
Reporter Seung-won Kwon ksw@blockstreet.co.kr
