Bitcoin Bulls Eye $130K as Binance Data Confirms Strong Demand
Bitcoin (BTC) recently achieved a new all-time high of $126,199 on Binance and is now consolidating in the lower $120,000 range. Despite this consolidation, recent exchange data, particularly the Cumulative Volume Delta (CVD) Confirmation Score, indicates robust underlying demand, suggesting continued bullish momentum for the leading cryptocurrency.
CVD Confirmation Signals Solid Buyer Pressure
The 30-day rolling correlation between Bitcoin's price and the CVD Confirmation Score is signaling a strong resurgence in the trend. A score currently hovering around 0.8 to 0.9 indicates that the recent price surge is primarily driven by genuine buying pressure from "takers" rather than merely a technical bounce or a short squeeze. Historically, sustained periods where the CVD Confirmation Score remains above 0.7 have seen price corrections that are relatively shallow and short-lived, largely due to fresh market liquidity quickly absorbing any incoming supply of BTC. Should the CVD Confirmation continue its current trajectory above 0.7 and Bitcoin decisively breach the $124,000–$126,000 resistance zone, analysts project a potential climb towards a target of $135,000. Key support levels to watch lie between $112,000–$115,000 and $108,000–$110,000.
Mixed Analyst Sentiment Amidst Bullish Indicators
While bullish indicators suggest a positive outlook, some market analysts express caution. Analyst Arab Chain notes that the underlying trend remains bullish, supported by real inflows into Binance, the world's highest-volume exchange. They emphasize monitoring three critical confirmation signals: a persistently high CVD Confirmation, moderate open interest, and non-excessive funding rates. Any significant imbalance across these metrics could signal a shift in momentum. Conversely, other crypto analysts, such as ZVN and Dick Dandy, foresee a potential pullback before Bitcoin embarks on its next major leg up, with one even predicting a substantial 60% price correction, potentially pushing BTC down to $43,900. At press time, Bitcoin is trading around $118,791, experiencing a modest 1.8% dip over the past 24 hours, highlighting the ongoing tug-of-war between buyer confidence and potential corrective pressures. Investors are advised to conduct their own research before making investment decisions.
