The price of Bitcoin has been enjoying significant bullish momentum over the past few weeks, with last week delivering the largest gains in over three months. According to different pundits, the flagship cryptocurrency’s latest rally above $79,000 was primarily driven by demand in the perpetual futures market rather than the spot market. Recent on-chain evaluation shows that the buying pressure on the Bitcoin derivatives side has yet to simmer down over the past few days.
BTC Net Taker Volume Surges To Around $145 Million
In an April 25th post on the X platform, pseudonymous analyst Darkfost revealed that the bulls have continued to dominate the Bitcoin perpetual futures market. This on-chain observation is based on a surge in the Net Taker Volume metric, which measures the difference between the volume of long (buy) and short (sell) orders in the derivatives market of a particular cryptocurrency.
The on-chain metric can be used to identify the market’s most dominant participant (buyers or sellers) at a given time. A positive Net Taker Volume metric indicates that buying volume exceeds selling volume, while a negative value suggests that sellers are overwhelming the buyers in the Bitcoin derivatives market.
Darkfost wrote on X:
Beyond simply showing whether buying or selling pressure is dominant, it also reflects the prevailing sentiment among traders.
Referencing CryptoQuant data, Darkfost revealed that the Net Taker Volume — smoothed over a month to show the real trend — stands at around $145 million. As the on-chain analyst highlighted, this metric has remained positive for nearly two months (since March 7).
In what appears to be a fairly established pattern in this cycle, Darkfost noted that whenever the metric shifts from largely dominant selling pressure and extremely negative sentiment to renewed buying pressure from the bulls, the Bitcoin price has consistently reacted with an upside move. And this has been the case for the premier cryptocurrency since the first week in March.
Looking at the prolonged duration and strength of the buy volume, Darkfost said investors could expect the current Bitcoin trend to continue for the foreseeable future, potentially pushing the price toward the $80,000 target. However, it is important to tread with caution, as the $80,000 region has proven to be a significant level of resistance over the past few days.
Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $77,508, reflecting no significant movement in the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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