Bitcoin chases $80,000 as rising spot volumes and futures open interest suggest the market has shifted back in the bulls’ favor.
Several Bitcoin (BTC) data points suggest that $80,000 is the next destination for the cryptocurrency. Bitcoin gained 2.52% to trade above $78,800 on Friday after holding support at the 100-day exponential moving average. Spot market buy volumes also strengthened while the cumulative volume delta (CVD) reached 11,500 BTC, its highest level since Feb. 17.
BTC futures activity is picking up, with the open interest rising 6.64% to 257,000 BTC, indicating fresh positioning.
Bitcoin rebounded from its 100-day exponential moving average (100-EMA) after retesting the daily trend over the past two days. The move lifted the price by 2.52% to $78,800 on Friday, holding the short-term uptrend intact.
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