Bitcoin (BTC) has surged 7% within the last hour, surpassing $92,000, following Donald Trump’s announcement regarding the U.S. establishment of a crypto strategic reserve. This increase marks a 15% rise from its previous low of $78,000.
Data suggests that this uptrend is primarily driven by spot demand as opposed to speculative activity, indicating a robust and organic market movement. The Spot Cumulative Volume Delta (CVD) reveals buyers as active participants, contributing over $200 million in spot inflows during the last hour. In contrast, a decline in futures open interest further supports the notion that this price surge is fueled by genuine purchases rather than leveraged speculation.
Key Points:
- Spot CVD indicates substantial buying interest, with over $200 million in spot demand observed in the recent hour.
- Decreased futures open interest emphasizes the significance of spot demand as Bitcoin surpasses $91,000.
A sustainable BTC bullish rally might be coming. (ArtTower/Pixabay)
Spot CVD (Glassnode)
Read more: Bitcoin Jumps Above $91K After Trump’s U.S. Crypto Reserve News Brings Bulls Back
