Bitcoin Net Taker Volume Turns Positive Indicating Rising Bullish Sentiment

The price of Bitcoin has surged approximately 9%, reaching a high over $97,000. This marks a significant upward move, though it still falls short of its previous six-figure valuation.

On-Chain Dynamics and Market Control

Crypto analyst Darkfost highlighted a shift in on-chain dynamics, suggesting bulls may be regaining control.
The BTC Net Taker Volume indicator shows whether buyers or sellers are more aggressive by measuring the net difference between buy and sell market orders on derivatives exchanges.
Previously, this metric was deeply negative at around –$489 million, indicating falling demand and increased selling pressure.
As of January 16th, the Net Taker Volume turned positive, with over $39 million in buy-side volume from the futures market.
This suggests an increase in traders opening long positions, indicating rising bullish sentiment.

Market Outlook

Despite signs of slight Bitcoin ETF inflows, spot buying remains insufficient for a decisive bullish move.
Current support for Bitcoin's price comes primarily from derivatives activity.
If the net taker volume continues to grow positively, it could signal a shift from reducing bearish pressure to increasing bullish momentum.
Caution is advised until it's confirmed that the derivatives-driven momentum can sustain Bitcoin's growth.

Currently, Bitcoin is priced around $95,357, with minimal changes in the past day.