Bitcoin (BTC) demonstrates signs of possible recovery in the spot market, accompanied by crucial changes in market dynamics and exchange flows.
Buyer Demand Dynamics for Bitcoin and Ethereum
Data from Glassnode indicates a sharp divergence in the cost basis distribution (CBD) of Bitcoin compared to Ethereum (ETH). This suggests strong buyer interest, as spot activity for Bitcoin is noticeably higher than for Ethereum.
Exchange Flows and Their Significance
Recent data from CryptoQuant points to increased flows on Coinbase and Binance, hinting at a liquidity regime shift. Coinbase has seen significant netflow dips indicating potential liquidity restructuring, while Binance shows a rise in its 30-day simple moving average, suggesting possible reaccumulation phases.
Key Levels for Bitcoin and Trend Risks
Bitcoin must break the $113,650 level to confirm a bullish trend. If it fails to do so, the asset may drop towards the $100,000 mark. The charts also reflect a trend change, with the RSI above 50, although traders should remain cautious due to September's historical bearish seasonality.
Currently, Bitcoin shows positive signs, but caution is warranted. Breaking the $113,650 level will be critical for further upward movement.
