Bitcoin Buy-Side Pressure Surges: Taker Buy Volume Spikes Sharply
Bitcoin is trading above $105,000 following a rebound due to a ceasefire between Israel and Iran, which boosted risk assets. The price surge has brought Bitcoin close to the $110,000 resistance level, previously a barrier in June. After dipping to $98,200 amid Middle Eastern conflict, the recovery has shifted sentiment towards bullishness. On-chain data indicates a significant increase in Taker Buy Volume, suggesting institutional interest and potential for further upside. However, Bitcoin faces uncertainty, trading in a tight range and approximately 6% below its all-time high of $112,000. Analysts are divided on the outlook due to geopolitical instability and macroeconomic pressures, including high interest rates. While some anticipate a breakout, others warn of a possible retracement below $100,000. Key support levels are at $103.6K and $100K; failure to hold these could lead to liquidations. Conversely, maintaining above $105K with increased volume could signal the next upward movement. The upcoming days are critical for Bitcoin's trajectory.
