Bitcoin (BTC) has recently faced challenges in crossing the $100,000 threshold, even with a slight 2% increase over the last 24 hours. However, there’s a glimmer of hope for crypto enthusiasts as Binance’s Bitcoin Taker Buy Volume has surged to an incredible $8.3 billion. This significant figure suggests that the cryptocurrency may be on track to test this pivotal price point before the year ends.
Strengthening Buying Pressure on Binance
In the past two months, Binance’s Taker Buy Volume has shown a positive trend, forming three higher lows that demonstrate increasing buying momentum. This metric quantifies the total volume of buy transactions executed at current market prices, effectively highlighting growing investor appetite for Bitcoin. Data from CryptoQuant reveals that this uptick in buying volume has remained consistent, even during occasional market corrections. Such robust buying activity signals that market participants are eager to absorb available liquidity, often preceding potential price increases.
Interestingly, Bitcoin reserves on Binance have plummeted to their lowest levels since early 2024, mirroring declines that began in August. This decrease echoes January’s low before an impressive 90% spike in BTC prices. Alongside a 40,000 BTC reduction in over-the-counter (OTC) desk inventories since November, this situation could indicate a surge in demand and rising investor confidence, creating a promising environment for a bullish reversal.
Bitcoin’s Next Move
Since breaking above the $100,000 mark on December 5, Bitcoin has remained below that level, hovering around $96,000—a decline of over 12% from its all-time high of $108,300, reached on December 17. However, numerous experts predict a bullish breakout could be on the horizon.
The analyst known as “xoom” recently pointed out a bullish engulfing candle accompanied by increasing volume. This technical pattern suggests a possible price target range of $110K to $130K by the end of January, with $120K appearing as a realistic benchmark. While there may be some short-term fluctuations, the overall trend indicates potential upward movement toward $135K or more in the coming months.
Another analyst, “Titan of Crypto,” observed that current price actions mirror patterns seen during late 2023 corrections. Notably, the movements of 2024 seem to be about three weeks ahead in terms of the timeline. Although no predictions are set in stone, the similarities could signify positive momentum for Bitcoin, allowing it to potentially replicate past successes and reach new heights if this pattern continues.
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Bitcoin (BTC) Price
