Bitcoin price has surged significantly throughout the past week and closed the weekly trade on a bullish note. Moreover, the levels marked the local highs above $110,500, which flashed the possibility of marking a new ATH above $112,000. Unfortunately, the bulls experienced exhaustion, causing the token to drop back below $108,000. With the second attempt failing, market participants now seem uncertain about the next price move as they wait for the price to break above the range before jumping in.
The current price movement of Bitcoin may seem sluggish, but from a broader perspective, the bulls and bears appear to be reaching an agreement. The bid-ask spread is compressing, meaning there is not much gap left between them, hinting towards a potential trade to occur anytime from now.
The data from Coinglass shows that the ‘bids,’ or the highest prices buyers are willing to pay, are around $106,300 to $105,550, while the ‘ask,’ or the lowest price the sellers are willing to accept, is around $108,400. The difference between the bid & the ask is called the bid-ask spread, and if the spread is small, it indicates higher liquidity (easy to buy or sell). It also indicates the demand for the token is rising, which is a bullish signal for the token. Alongside this, the balance on the CEX exchanges is also marking new lows every day, hinting towards strong optimism among the traders.
The Bitcoin price went up during the weekend and created a significant CME gap between $105,745 and $106,660. However, the current pullback has closed the gap, signalling massive bullish signals for the token. On the other hand, the current rejection raises some concerns but eventually, the BTC price is primed to mark new highs in the coming days.
As seen in the above chart, the price broke above the descending parallel channel but failed to surpass the pivotal resistance zone. Meanwhile, the CMF continues to consolidate above 0, suggesting a decent money inflow onto the platform. On the other hand, the on-balance volume, the volume indicator, has been consistently rising, suggesting a constant rise in the buying activity. This, with a rising price trend, may offer a strong bullish case, and hence the BTC price is now believed to mark new highs anytime from now.
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