Bitcoin Demand Turns Positive as Price Rebounds Above $70K
Bitcoin's demand has flipped positive across both spot and perpetual futures markets for the first time since its October all-time high. According to CryptoQuant founder Ki Young Ju, this shift comes as Bitcoin rebounded past $70,000 over the past 24 hours.
Young Ju attributed the recovery to a return of massive longs by 'Crypto OGs,' who opened positions at a potential price bottom on exchanges last week. This means that these experienced investors are betting on Bitcoin's price increasing further.
The improvement in demand is modest, but if it holds for another month, CryptoQuant founder Ki Young Ju believes it would be reasonable to conclude that the bear market is over and a new bull cycle has begun.
CryptoQuant contributor MorenoDV noted that Bitcoin recorded its largest profit-side Unspent Transaction Output (UTXO) movement on Binance as it approached the realized price of short-term holders. This suggests that investors are taking profits, but at the same time, buyers are absorbing breakeven supply.