- Bitcoin increased 11% last week, returning to $94,000 amid mixed market signals.
- Retail traders on Binance created new momentum, buying over 15,000 BTC from April 19 to 23.
The current increase of Bitcoin [BTC] in the market can be traced back to last week's performance, when the asset rose 11%, reclaiming the $94,000 price level.
At the time of writing, the asset is trading near the midpoint between $89,000 and the expected $100,000 zone.
While some indicators suggest the potential to reach higher levels, others point to possible decline.
Binance Paving the Way for a Price Increase?
Binance, controlling up to 40% of Spot Trading retail activity, indicates that sentiment is changing, which could be beneficial for Bitcoin.
From April 6 to 10, over 15,000 BTC worth $1.41 billion flowed into Binance, potentially preparing for selling.
However, in the following week, sentiment changed as Bitcoin investors began moving assets into personal wallets for long-term storage or self-custody.
Source: CryptoQuant
From April 19 to 23, retail traders on Binance bought over 15,000 BTC, maintaining upward momentum.
During this period, the Whale Ratio on the exchange dropped below 0.3, confirming that the upward momentum is due to retail traders, signaling increasing market confidence.
Source: CryptoQuant
Notably, this aligns with other optimistic sentiments in the market, especially among US and Korean traders.
US and Korean Investors Show New Interest
Meanwhile, US and Korean investors are reviving their buying appetite, reinforcing Bitcoin's optimistic structure.
According to CryptoQuant analysis, buying activity in the Korean market is gradually increasing. The chart shows an upward shift after a period of selling.
With an index of 0.8 above the Medium of 0, this indicates that Bitcoin has been bought more.
Source: CryptoQuant
If this trend continues, and the index rises to level 3 as before, this could signal continued buying momentum.
US investors, who previously sold their Bitcoin until 2020, are now buying strongly.
Currently, purchases by US investors have reached a new high, last seen on February 3, indicating strong interest in the asset.
With Korean and US investors increasing purchases, Bitcoin could experience a significant surge. However, the asset needs to overcome selling pressure from other market components.
Selling Pressure on the Bitcoin Market
Long-term holders in the market remain cautious about Bitcoin's current upward trajectory, as the Binary Coin Days Destroyed (CDD) index continues to decline.
When the Binary CDD index is 1, this indicates that long-term traders are selling their assets.
Source: CryptoQuant
TinTucBitcoin can track this to profit-taking, as shown by the Adjusted Spent Output Profit Ratio (ASOPR).
Moreover, the Adjusted Spent Output Profit Ratio (aSOPR) remains above 1, confirming that selling is occurring with profits.
That said, profit-taking is often a healthy cycle, providing new fuel for future price increases. If Bitcoin consolidates firmly at $95,000 and $96,000, long-term holders may re-enter strongly, reigniting momentum.
