- Bitcoin climbed 11% last week, reclaiming the $94,000 level amid mixed market signals.
- Binance retail traders drove fresh momentum, with buying over 15,000 BTC between the 19th to the 23rd of April.
Bitcoin’s [BTC] current gain in the market can be traced to its performance last week, where the asset gained 11%, reclaiming the $94,000 price level.
At press time, the asset traded near the midpoint between $89,000 and the coveted $100,000 zone.
While some indicators suggest it could reclaim the higher range, others point to a potential decline.
Binance opens the ground for a rally?
Binance, which controlled up to 40% of retail Spot Trading activity, indicated that the mood wais shifting, which could be beneficial for Bitcoin.
Between the 6th of April and the 10th of April, over 15,000 BTC worth $1.41 billion flowed into Binance, likely preparing for sales.
However, in the following week, sentiment shifted as Bitcoin investors began moving their assets into private wallets for long-term storage or self-custody.
Source: CryptoQuant
Between the 19th to the 23rd of April, Binance Retail Traders purchased more than 15,000 BTC, sustaining upward momentum.
During this period, the Exchange Whale Ratio fell below 0.3, confirming that the upward rally was driven by retail traders, signaling growing confidence in the market.
Source: CryptoQuant
Interestingly, this aligns with other bullish sentiment in the market, particularly among U.S. and Korean traders.
U.S. and Korean investors renew interest
Meanwhile, U.S. and Korean investors reawakened their buying appetite, reinforcing Bitcoin’s bullish structure.
According to CryptoQuant’s analysis, buying activity has been gradually increasing in the Korean market. The chart shows a shift to the upside after a period of downward movement, where traders were selling.
With a reading of 0.8 above the neutral level of 0, it indicates more Bitcoin has been purchased.
Source: CryptoQuant
If this trend continues, and the reading rises as high as 3—where it has been in the past—this could signal continued buying momentum.
U.S. investors, who were selling their Bitcoin holdings up until 2020, have continued buying at full force.
As of now, buying by U.S. investors has reached a new high, last seen on the 3rd of February, indicating strong interest in the asset.
With Korean and U.S. investors stepping up, Bitcoin could experience a major rally. However, the asset must first overcome selling pressure from other market participants.
Selling pressure strikes the Bitcoin market
Long-term holders in the market remain cautious about Bitcoin’s rally trajectory at its current level, as the Binary Coin Days Destroyed (CDD) continues to drop.
When the Binary CDD reading is 1, it indicates that long-term traders are selling their holdings.
Source: CryptoQuant
AMBCrypto can trace this to profit-taking, as shown by the Adjusted Spent Output Profit Ratio (ASOPR).
Moreover, the Adjusted Spent Output Profit Ratio (aSOPR) stayed above 1, confirming sales were happening at a profit.
Having said that, profit-taking often serves as healthy rotation, offering fresh fuel for future rallies. If Bitcoin consolidates firmly between $95,000 and $96,000, long-term holders might re-enter aggressively, reigniting momentum.