Cryptocurrency analytics firm CryptoQuant has released a compelling assessment of Bitcoin's current market outlook. The firm argues that the cooling observed in the futures market suggests Bitcoin is on a healthier bullish footing. In the past few months, Bitcoin's rally to near $70,000–$90,000 has seen intense volatility in futures trading. These periods have typically seen signs of market overheating, typically resulting in corrections or sideways movements. However, according to CryptoQuant, recent price action paints a different picture. Despite Bitcoin trading as high as $123,000, speculative pressure in futures trading appears to be easing. The company's published “volume bubble map” shows that the market's intense red clusters have given way to calmer areas in gray and green. This suggests that leveraged positions are being reduced and investors are becoming more risk-averse. Related News: South Korea's Leading Company Announces Launch of Blockchain Ecosystem on This Altcoin Network! Here Are the Details CryptoQuant notes that on-chain data supports this view. The market's cooling after an overheating suggests that prices are being supported by organic demand rather than excessive leverage. The firm considers the normalization of futures volume, while Bitcoin continues to trade above $100,000, a positive signal supporting the bullish trend. According to CryptoQuant, if the current low speculative pressure continues, Bitcoin could reach a new all-time high above $123,000. *This is not investment advice. Continue Reading: Big Claim from Analysis Company: “Bitcoin Rally May Be Preparing for the Next Explosion”
