Bitcoin Demand Turns Positive as Price Rebounds Above $70K
Bitcoin demand has turned positive across both spot and perpetual futures markets for the first time since its October ATH, according to CryptoQuant founder Ki Young Ju. The shift comes as Bitcoin rebounded past $70,000 over the past 24 hours.
Youth Ju attributed the recovery to a return of massive longs by 'Crypto OGs,' who opened at a potential price bottom on exchanges last week.
While the improvement remains modest, the CryptoQuant founder noted that sustained demand could signal a broader change in market conditions.
CryptoQuant contributor MorenoDV highlighted a potentially important source of selling pressure emerging as Bitcoin approaches the realized price of short-term holders (STH). He stated that Bitcoin recorded its largest-ever profit-side Unspent Transaction Output (UTXO) movement on Binance on Thursday.