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Bitcoin Futures Market Demand Soars, Will Spot BTC Price Follow?

Analyst Willy Woo highlights $73,000 as a significant resistance level for Bitcoin price. Any move past $72,000 could lead to a short squeeze pushing BTC to $75,000.
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Bitcoin Futures Market Demand Soars, Will Spot BTC Price Follow?

Highlights

  • Bitcoin analyst Willy Woo suggests key developments amid the 2.5 months of BTC price consolidation.
  • Woo notes a resurgence in demand for Bitcoin futures, particularly among retail traders.
  • Net capital flows into the Bitcoin network have increased steadily throughout May.

The world’s largest cryptocurrency Bitcoin (BTC) has been flirting around $68,000 after facing strong rejection at $70,000 last week. While the BTC price has been showing strong signs of consolidation, the on-chain Bitcoin metrics reflect healthy development ahead.

Bitcoin Futures Demand Bounces Back

Bitcoin analyst Willy Woo has offered insights into Bitcoin’s recent market behavior, suggesting that the 2.5 months of consolidation under bullish demand has been beneficial for the cryptocurrency. According to Woo, this period of consolidation indicates that the price of Bitcoin has more room to rise before reaching a peak.

Woo highlighted that net capital flows into the Bitcoin network hit bottom during the consolidation phase and have been steadily increasing throughout May. As we have seen, the inflows into spot Bitcoin ETFs have bounced back strong over the past two weeks, with BlackRock overtaking Grayscale recently. The daily demand from spot Bitcoin ETFs outweighs the daily BTC mined, by manifold times.

Additionally, Woo noted a resurgence in demand in futures markets, particularly among retail traders showing long demand.

Analyzing the funding rate for perpetual swaps, Woo observed a rebound in demand among retail traders, depicted by the blue-shaded region, while emphasizing that this demand is rising without reaching dangerously high levels of fear of missing out (FOMO).

Courtesy: Willy Woo

During this consolidation phase, a large number of Bitcoins have been moving off exchanges amid strong BTC whale accumulation. This could lead to a BTC supply shock going ahead thereby putting upward pressure on the Bitcoin price going ahead.

BTC Resistance and Demand Zones

Bitcoin analyst Willy Woo recently commented on the cryptocurrency’s price dynamics, highlighting the significant resistance level at $73,000. According to Woo, this price point continues to pose a formidable obstacle to Bitcoin’s upward movement.

However, Woo pointed out that if the price manages to surpass $72,000, there exists a substantial amount of liquidations that could potentially trigger a short squeeze. This scenario, as per Woo’s analysis, could propel Bitcoin’s price to soar past $75,000 and ultimately break its all-time highs.

In Woo’s opinion, it’s only a matter of time before fundamental demand factors trigger a price squeeze in the Bitcoin market.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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