After last week’s sudden crash, Bitcoin price has once again sunk to similar depths, albeit in a more steady price correction. Notably, the major cryptocurrency fell below $105,000 on Friday, while crypto liquidations rose above $1.2 billion. However, underlying investor buying activity paints an encouraging picture of a potential bullish recovery.
Bitcoin Net Taker Volume Reaches $309 Million Despite Price Drop
In one QuickTake post on X, popular analyst Amr Taha shares an update on Bitcoin market activity amid a significant price correction. The expert reports that buying pressure has increased significantly, indicating that investors can quietly accumulate despite the current price weakness.
Notably, on-chain data shows that Bitcoin’s crash below $105,000 coincided with a spike in net taker volume on Binance to around $309 million, marking the first positive zone since October 10. In trading terms, buy-taker volume represents orders that are actively responding to demand, i.e. traders who are willing to buy immediately at the market price rather than waiting for a better entry.
This move signals that despite the short-term volatility, a deep undercurrent of bullish conviction remains among Bitcoin holders and traders. This high accumulation activity during a price call usually precedes local bottom formations, as aggressive buyers absorb the selling pressure and set the stage for a parabolic price recovery.
Additionally, Amr Taha reports that while taker volume rose, open interest (OI), which measures the total number of futures and perpetual contracts outstanding, did not rise at the same time. This difference indicates that trading activity is concentrated on the spot market and not on leveraged derivatives, reinforcing the fact that investors are actively participating in the current market situation.
In summary, the renowned crypto analyst views this development of stock market activity as a potential bullish undercurrent. Taha explains that spot accumulation around key liquidity levels, such as the $105K zone, often serves as a basis for future price recovery once selling pressure subsides.
Bitcoin Rebound Verified by Gold Price Rise
In other news, a market analyst with the username Crypto Jebb echoes Bitcoin’s chances of a major price rebound. However, the expert expects that the leading cryptocurrency will still see a further decline before eventually finding a bottom around $92,000.
In line with a growing realization, Jebb bases his optimistic thesis on a possible rotation of capital from the gold market to Bitcoin once the former reaches a new market peak. Notably, gold is currently maintaining impressive bullish momentum as it has become the first asset to surpass $30 trillion in market capitalization.
Jebb predicts an eventual capital rotation as the gold market begins to correct, with potential inflows expected to push Bitcoin towards the $150,000 price line in January. At the time of writing, Bitcoin is trading at $107,053, down 0.74% in the past day after a modest recovery effort.