After a rapid decline last week, the price of Bitcoin has fallen back to similar depths, albeit in a more stable price correction. Namely, the leading cryptocurrency fell below $105,000 on Friday while crypto liquidations rose to more than $1.2 billion. However, the underlying buying activity by investors paints an encouraging picture of a potential bullish comeback.
The amount of net bitcoin receivers reached $309 million despite the drop in price
ua Quick Take post on X, popular analyst Amr Taha shares an update on exchange activity in the Bitcoin market amid a significant price correction. The expert reports a large increase in buying pressure, suggesting that investors are quietly piling in despite the current price weakness.
Notably, on-chain data shows that Bitcoin’s drop below $105,000 coincided with a jump in net user volume on Binance to around $309 million, marking its first positive zone since October 10. In terms of trading, buy taker volume represents orders that are actively achieving the asking value, i.e. traders who are willing to buy immediately at the market price rather than waiting for a better entry.
The move suggests that, despite near-term volatility, there remains a deep undercurrent of conviction among Bitcoin owners and traders. This high accumulation activity during price demand usually precedes the formation of a local bottom, as aggressive buyers absorb the selling pressure, setting the stage for a parabolic spike in price.
Furthermore, while the number of receivers rose, Amr Taha reports that open interest (OI), which measures the total number of forward and permanent contracts outstanding, failed to rise in tandem. This deviation suggests that trading activity is concentrated in the spot market and not in leveraged derivatives, which confirms the fact that investors are actively participating in the current state of the market.
In short, the renowned crypto analyst sees this development in exchange activity as a potential undercurrent of growth. Taha explains that spot accumulation around key liquidity levels, such as the $105K zone, often serves as a foundation for future price recoveries once selling pressure subsides.
The return of Bitcoin confirmed by the rise in the price of gold
In other news, a market analyst with the username Crypto Jebb echoes Bitcoin’s Chances for a Big Price Recovery. However, the expert predicts that the top cryptocurrency could still experience further declines before eventually finding a bottom around $92,000.
In line with the growing notion, Jebb bases his bullish thesis on the potential rotation of capital from the gold market to Bitcoin once a new market high is first reached. In particular, gold is currently maintaining an impressive bullish momentum, becoming the first asset to surpass $30 trillion in market capitalization.
Jebb predicts a final rotation of capital when the gold market begins to correct, with potential inflows expected to push Bitcoin to around $150,000 in January. At press time, Bitcoin is trading at $107,053, down 0.74% over the past day after modest recovery efforts.
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