The Bitcoin (CRYPTO:BTC) remains an attractive buy according to the cryptocurrency community, despite closing at the end of December at almost the same price as when it opened, down 1.3% over the last 30 days.
What happened: Renowned whaling trader Abetrade shared his observation on X that Bitcoin's current order books (currently within 10% of the current price on Coinbase and Binance) are more in favor of bids than ever before in Bitcoin's history.
Historically, such imbalances often precede significant price increases, especially when associated with spills of large open interest – a scenario that has already occurred before the holiday season.
Additionally, Binance's perpetual/spot relationship indicates activity in favor of deals.
Combined with low financing rates, this favors purchases over sales.
However, the trader warns against rushing into positions, even with convincing high timeframe signals.
Also Read: Outlook for 2025: Bitcoin at $150,000, Ethereum at $5,500, Dogecoin at $1, says Galaxy Research
Adam said that while many investors are focused on the $85,000 mark, he sees the $90,000 threshold as strong support.
Given the current setup, the trader is less inclined to sell than to buy. “Ideally, I would like to see another significant leverage spill before entering, probably in January 2025.”
He advises patience, strategic entry, focusing on long-term gains rather than short-term noise.
Statistics: Data from IntoTheBlock shows that Bitcoin's large trading volume increased by 48.2% and the number of transactions over $100,000 increased from 7,678 to 10,479 in a single day.
Currently, 93% of Bitcoin holders are in profit.
Bitcoin rose 3.3% to $95,750 over the past 24 hours.
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