{"id":652640,"date":"2024-11-12T06:00:16","date_gmt":"2024-11-12T06:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=652640"},"modified":"2024-11-11T18:29:47","modified_gmt":"2024-11-11T18:29:47","slug":"bitcoin-buying-pressure-rises-but-heres-why-a-pullback-could-be-coming","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-buying-pressure-rises-but-heres-why-a-pullback-could-be-coming\/","title":{"rendered":"Bitcoin Buying Pressure Rises, But Here&#8217;s Why A Pullback Could Be Coming"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">A recent <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6731cc1f8a325507575043ba-Rising-Coinbase-premium-values-indicate-that-US-investors-are-putting-intense-bu\" target=\"_blank\" rel=\"noopener nofollow\">analysis<\/a> from BaroVirtual, a CryptoQuant analyst, offers a nuanced perspective on the current state of the Bitcoin market.<\/p>\n<p data-pm-slice=\"1 1 []\">According to the analyst, fluctuations in the Coinbase premium\u2014a key metric that tracks the price difference between Bitcoin on Coinbase and other exchanges\u2014can offer significant insights.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-etfs-see-historic-surge-institutions-go-bullish-on-btc-with-1-38-billion-record-inflows\/\" target=\"_blank\" rel=\"noopener \">Bitcoin ETFs See Historic Surge \u2013 Institutions Go Bullish On BTC With $1.38 Billion Record Inflows<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">Retail Leverage And Premiums: A Double-Edged Sword<\/h2>\n<p>Rising or elevated Coinbase premiums typically suggest intense buying pressure, indicating <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-etfs-see-historic-surge-institutions-go-bullish-on-btc-with-1-38-billion-record-inflows\/\" target=\"_blank\" rel=\"noopener \">strong medium-term sentiment<\/a> for Bitcoin. However, BaroVirtual warns that in the short term, these high premiums may present a double-edged sword, as they often precede a localized downward movement in Bitcoin&#8217;s price.<\/p>\n<p data-pm-slice=\"1 1 []\">This phenomenon stems from market dynamics, as high premiums reflect surges in demand that can lead to overheating. When this occurs in combination with a high volume of leveraged retail positions and an excessive number of long contracts, the risk of a <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/rising-bitcoin-funding-rates-signal-market-optimism-but-is-a-correction-looming\/\" target=\"_blank\" rel=\"noopener \">market pullback increases<\/a>.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/35304\/quicktake\/BwOGeRa_975d6e85dfbe4c727866eab241caa09b4c42493dae44dbd69391b151308d8b7f.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin Coinbase Premium Index.\" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Bitcoin Coinbase Premium Index. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">Notably, BaroVirtual pointed out that this scenario has been evident in some Asian exchanges, where traders&#8217; aggressive positions and leveraged setups further amplified market vulnerabilities.<\/p>\n<p data-pm-slice=\"1 1 []\">The analyst\u2019s observations extend beyond the Coinbase premium to the broader market context. When premiums soar, they signal strong demand and positive sentiment among investors. This can provide a floor for Bitcoin&#8217;s price, strengthening support levels and creating a bullish sentiment over the medium term.<\/p>\n<p data-pm-slice=\"1 1 []\">However, in the short run, the influx of highly leveraged retail positions can destabilize market balance, leading to sharp corrections. High leverage implies that even minor price swings can force liquidations, exacerbating downward price movements.<\/p>\n<p>The CryptoQuant analyst emphasized leverage dynamics&#8217; major role in determining bullish trends&#8217; sustainability. Retail traders&#8217; aggressive positioning on some Asian exchanges reflects a growing risk appetite, which may lead to sudden market shifts if sentiment turns or if premiums dip.<\/p>\n<h2>Bitcoin Nears $100,000<\/h2>\n<p>After previously trading just above<a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-blasts-through-82000-key-reasons\/\" target=\"_blank\" rel=\"noopener \"> $83,000 earlier today<\/a>, Bitcoin&#8217;s price has now <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-ready-phase-2-historical-bull-pattern\/\" target=\"_blank\" rel=\"noopener \">pushed further<\/a>. So far, BTC has achieved a latest all-time high of (ATH) of $84,929 less than an hour ago. However, the asset has seen a slight correction with a current trading price of $84,929, at the time of writing.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/6poefi9b\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/figcaption><\/figure>\n<p>Regardless of this slight pullback, with the current bullish momentum in Bitcoin, it is evident that the asset could continue this rally and rise above $85,000 soon, bringing it closer to a six digit ATH of <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-stock-to-flow-model-reveals-500000-price-target\/\" target=\"_blank\" rel=\"noopener \">$100,000 and beyond<\/a>.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-stock-to-flow-model-reveals-500000-price-target\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Stock To Flow Model Reveals $500,000 Price Target<\/a><\/div>\n<p>Renowned crypto analyst known as Javon Marks on X has highlighted that Bitcoin still has &#8220;more upside coming&#8221; especially since it recently broke above a descending broadening wedge pattern.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Prices of <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$BTC<\/a> (Bitcoin), after breaking out of this descending broadening wedge pattern, have been climbing MAJORLY, moving roughly +24% since but there can still be much more upside coming!<\/p>\n<p>The measured breakout target is another near 20% away just around the $100,000 mark and\u2026 <a href=\"https:\/\/t.co\/F01HbCd1kv\" target=\"_blank\" rel=\"noopener nofollow\">https:\/\/t.co\/F01HbCd1kv<\/a> <a href=\"https:\/\/t.co\/k0bv9xqUwK\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/k0bv9xqUwK<\/a><\/p>\n<p>\u2014 JAVON\u26a1\ufe0fMARKS (@JavonTM1) <a href=\"https:\/\/twitter.com\/JavonTM1\/status\/39290895?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">November 11, 2024<\/a><\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent analysis from BaroVirtual, a CryptoQuant analyst, offers a nuanced perspective on the current state of the Bitcoin market. According to the analyst, fluctuations in the Coinbase premium\u2014a key metric that tracks the price difference between Bitcoin on Coinbase and other exchanges\u2014can offer significant insights. Related Reading: Bitcoin ETFs See Historic Surge \u2013 Institutions Go Bullish On BTC With $1.38 Billion Record Inflows Retail Leverage And Premiums: A Double-Edged Sword Rising or elevated Coinbase premiums typically suggest intense buying pressure, indicating strong medium-term sentiment for Bitcoin. However, BaroVirtual warns that in the short term, these high premiums may present a double-edged sword, as they often precede a localized downward movement in Bitcoin&#8217;s price. This phenomenon stems from market dynamics, as high premiums reflect surges in demand that can lead to overheating. When this occurs in combination with a high volume of leveraged retail positions and an excessive number of long contracts, the risk of a market pullback increases. Notably, BaroVirtual pointed out that this scenario has been evident in some Asian exchanges, where traders&#8217; aggressive positions and leveraged setups further amplified market vulnerabilities. The analyst\u2019s observations extend beyond the Coinbase premium to the broader market context. When premiums soar, they signal strong demand and positive sentiment among investors. This can provide a floor for Bitcoin&#8217;s price, strengthening support levels and creating a bullish sentiment over the medium term. However, in the short run, the influx of highly leveraged retail positions can destabilize market balance, leading to sharp corrections. High leverage implies that even minor price swings can force liquidations, exacerbating downward price movements. The CryptoQuant analyst emphasized leverage dynamics&#8217; major role in determining bullish trends&#8217; sustainability. Retail traders&#8217; aggressive positioning on some Asian exchanges reflects a growing risk appetite, which may lead to sudden market shifts if sentiment turns or if premiums dip. Bitcoin Nears $100,000 After previously trading just above $83,000 earlier today, Bitcoin&#8217;s price has now pushed further. So far, BTC has achieved a latest all-time high of (ATH) of $84,929 less than an hour ago. However, the asset has seen a slight correction with a current trading price of $84,929, at the time of writing. Regardless of this slight pullback, with the current bullish momentum in Bitcoin, it is evident that the asset could continue this rally and rise above $85,000 soon, bringing it closer to a six digit ATH of $100,000 and beyond. Related Reading: Bitcoin Stock To Flow Model Reveals $500,000 Price Target Renowned crypto analyst known as Javon Marks on X has highlighted that Bitcoin still has &#8220;more upside coming&#8221; especially since it recently broke above a descending broadening wedge pattern. Prices of $BTC (Bitcoin), after breaking out of this descending broadening wedge pattern, have been climbing MAJORLY, moving roughly +24% since but there can still be much more upside coming! The measured breakout target is another near 20% away just around the $100,000 mark and\u2026 https:\/\/t.co\/F01HbCd1kv pic.twitter.com\/k0bv9xqUwK \u2014 JAVON\u26a1\ufe0fMARKS (@JavonTM1) November 11, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":652644,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,1119,78790,6664,10923,83531],"class_list":["post-652640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Bitcoin Buying Pressure Rises, But Here&#039;s Why A Pullback Could Be Coming<\/title>\n<meta name=\"description\" content=\"A 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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