Bitcoin rebounds toward range highs as data highlights ‘real liquidity’

Key takeaways:

• Bitcoin’s net taker volume has rebounded from extremely bearish to neutral levels.

• Onchain and market data indicate controlled profit-taking, not panic selling.

• Binance data shows Bitcoin’s strongest buying momentum since July.

Bitcoin (BTC) price stabilized above $120,000 after sharply correcting from its all-time high on Tuesday. As buyers step back in, spot and derivatives markets appear to be converging toward a more balanced state, providing a stronger foundation for the next move higher.

According to CryptoQuant, the medium-term trend in derivatives markets has shifted notably. The net taker volume, which compares sell and buy orders, has recovered from an extreme bearish reading of –$400 million to a neutral level, signaling “a true shift in dominance between buying and selling pressure.” 

A similar transition occurred during Bitcoin’s April correction, which later paved the way for a renewed uptrend of 51% in 13 weeks. However, analysts cautioned that an abrupt swing into strongly positive territory could hint at an overheated market if buying pressure accelerates too quickly.

Similarly, Alphractal CEO Joao Wedson noted that the buy/sell pressure delta remained firmly positive. “Metrics like this can take you to a whole new level, significantly increasing your decision-making accuracy,” Wedson said, emphasizing that disciplined buying when sentiment appears weakest has consistently paid off in recent months.

Meanwhile, Swissblock analytics highlighted that while short-term profit-taking has emerged following Bitcoin’s all-time high near $126,000, it remained “controlled, not panic-driven.”

The analytics platform said that holding above $120,000–$121,000 would confirm a “healthy cooling phase,” setting the stage for renewed demand and the next leg upward.

Related: $11B Bitcoin whale returns with $360M BTC transfer after 2 months

Strongest buying surge since July validates “real liquidity”

Binance data reinforced the narrative of sustained buying momentum. Since early October, Bitcoin’s price has climbed to $124,000 from roughly $117,000, with net buying pressure (vol_delta) exceeding $500 million on several days, meaning buy volume outpaced sell volume by that margin.

The imbalance ratio (imbalance_pct) reached 0.23, showing that buy orders were around 23% higher than sell orders, while the Z-Score rose to 0.79, reflecting above-average daily buying activity.

These figures indicate more than just short-term enthusiasm; they signal a resurgence of institutional and whale participation. Daily trading volumes have reached their highest levels since July, suggesting that Bitcoin’s advance is underpinned by genuine liquidity, not fleeting speculation.

Although some recent sessions showed a minor dip in volume delta, broader indicators such as steady volatility and continued accumulation among mid-sized holders suggest robust market confidence.

This behavior contrasted sharply with September’s weakness and reinforced the view that any pullback toward the $120,000 region could likely serve as an opportunity for strategic accumulation rather than the start of a deeper reversal.

Related: Bitcoin has room for growth: Why analysts say $300K is still in play

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.