CryptoQuant CEO recently highlighted a significant shift in crypto market dynamics, with Bitcoin buy walls on all exchanges now strong enough to neutralize previously dominant sell walls. This change marks a pivotal development in trading behavior, indicating a robust buying interest that could be steering the current market upswing.
Crypto Market Rebound: Buy Walls Outpace Sells Across Exchanges
According to analysis from the CryptoQuant CEO, the dynamics between buy and sell walls have notably shifted. Data from the last cycle (2020-2022) revealed that sell walls had consistently outweighed buy walls since May 2021, contributing to market pressures. The recent reversal, with stronger buy walls now evident across various exchanges, suggests a growing confidence among investors.
This newfound investor confidence is contributing to the price stability and upward trends observed in Bitcoin’s recent performance.
The CEO’s remarks come as market participants witness a surge in buying activity across the crypto market. This increased buying pressure has been a key factor in the current positive trends, supporting a bullish outlook for the short to medium term.
More so, analyst and trader Skew pointed out that the $65,000 mark is a significant resistance level for Bitcoin. He acknowledged the BTC price rally and noted that the current rally needs to break and sustain above the $65,000 level.
At the same time, China’s economic stimulus has provided a noticeable uplift in Bitcoin’s market behavior. The stimulus has sparked a broader market rally in Asia, influencing investor sentiment in the crypto market.
Capitalizing on the current rally, Ceffu, an institutional-grade custody platform, amassed nearly $3.66M in profits by strategically trading Bitcoin. They acquired 1,988 BTC valued at $120.88M on October 10 and 11 at a price of $60,815 and later deposited 1,133 BTC to Binance for $72.57M when the price rose to $64,047 today.
The price of $BTC increased by 3.2% today!#ceffu has excelled in trading $BTC this week.#ceffu accumulated 1,988 $BTC($120.88M) at $60,815 on Oct 10 and Oct 11.
3 hours ago, #ceffu deposited 1,133 $BTC($72.57M) to #Binance at $64,047, making a profit of ~$3.66M!… pic.twitter.com/vnZlQMlh4M
— Lookonchain (@lookonchain) October 14, 2024
Macro Economic Indicators Align with Crypto Growth
Furthermore, macroeconomic factors are also contributing to the crypto market’s current upswing. Despite concerns over inflation, as indicated by recent CPI and PPI reports in the U.S., the crypto market has remained resilient. This resilience is due to a broader investor strategy shift favoring digital assets as hedges against traditional market volatility and inflation fears.
Upcoming economic events, such as the US jobless claims and retail sales data, will provide further insights into the economy’s health and could influence crypto market movements. A strong economic outlook encourages investment in digital assets, while any signs of economic softness push investors towards cryptos as alternatives to traditional assets.
Parallel to Bitcoin’s and crypto market improvements, XRP has surged 266% in institutional buying amid ongoing legal developments between Ripple and the SEC.
At press time, Bitcoin price stands at $64,743.98, marking a 3.28% increase over the past 24 hours. The market capitalization has also grown 3.28%, reaching $1.28 trillion, with trading volume spiking by 95.93% to $31.09 billion.
The post Top Reason Why Crypto Market is Up Today? appeared first on CoinGape.
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