Bitcoin Market Update: Spot Demand Climbs As Short-Term Profits Lose Steam
Bitcoin (BTC) shows resilience despite a minor pullback, currently trading at $104,820 after reaching a 24-hour high of $106,518. This price is 3.8% below its all-time high of $109,000 from January. Positive spot net volume delta on Binance indicates renewed interest in Bitcoin, suggesting increased spot demand. Rising spot volume can reflect growing interest but may also coincide with local tops during market shifts. Binance accounts for over 26% of global spot volume, making its trends significant for market sentiment. MVRV momentum analysis reveals short-term holders are experiencing declining returns, potentially leading to short-term sell pressure. Divergence in MVRV momentum between short- and long-term holders may signal shifts in market dynamics, but overall positive momentum suggests Bitcoin remains positioned for strength if emerging risks do not escalate.
