Bitcoin is currently trading near $74,372, after reaching an intraday high on Tuesday that approached $76,000. Data from Santiment and CryptoQuant reveal that this move into the green zone was driven by a solid recovery above $70,000, which triggered the liquidation of short positions and a massive shift toward long positions in the perpetual futures market, reflecting growing optimism among traders.
The change in market structure occurs on the eve of the Federal Reserve’s decision, with funding rates turning positive. Buying volume is outpacing selling volume, supported by a massive accumulation from whales who purchased more than 40,000 BTC—approximately $2.92 billion—in the last week. However, MVRV metrics suggest short-term caution due to potential profit-taking, while long-term support remains firm.
In summary, Bitcoin is in a critical resistance zone between $75,000 and $85,000. The success of this rally will depend on whether demand in the spot market continues to lead conviction over derivatives.
Source:https://short.do/1FhVJz
Disclaimer: Crypto Economy Flash News is prepared from official and verified public sources by our editorial team. Its purpose is to provide quick information on relevant facts within the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We recommend always verifying the official channels of each project before making related decisions.
