Cryptocurrency analysis company CryptoQuant published a striking assessment regarding Bitcoin's current market outlook. According to the company, the cooling observed in the futures market indicates that Bitcoin is resting on a healthier upward trajectory.
In the last few months, there has been intense activity in futures trading during Bitcoin's rises approaching the $70,000–90,000 levels. During these periods, signs of overheating in the market were observed, and this situation generally resulted in a correction or sideways movement. However, according to CryptoQuant, recent price movements present a different picture.
Despite Bitcoin trading at levels up to $123,000, it appears that speculative pressure in futures trading has decreased. The company's published 'volume bubble map' shows that the intense clusters of red in the market have given way to calmer areas in gray and green tones. This indicates that leveraged positions have been reduced and investors are avoiding risk.
CryptoQuant states that on-chain data also supports this picture. The cooling of the market after overheating indicates that prices are supported by organic demand rather than excessive leverage. The company views the normalization of futures trading volume while Bitcoin continues to trade above $100,000 as a positive signal supporting the upward trend.
According to CryptoQuant, if the current low speculative pressure continues, Bitcoin may rise above $123,000 and reach a new all-time high.