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Bitcoin Rise Is Not Speculative But Real: Bull Rally May Continue! - Coin Bulletin
Bitcoin data (BTC) reveals that the rally may continue, indicating that the rise after Donald Trump's statements is not empty behind and is happening with real purchases
Bitcoin accelerated its rise after the announcement that US President Donald Trump will establish US strategic reserve of cryptocurrencies, reaching a price of $95,000. According to Glassnode data, this rise indicates a sustainable rally as it is supported by spot purchases rather than leveraged positions.
After Trump's statement, Bitcoin price rapidly rose, while the Spot Cumulative Volume Delta (CVD) data showed that spot buyers aggressively entered the market. In the early hours of the rise, it was reported that there were more than $200 million entries into the spot market. At the same time, futures open positions decreased, indicating that the rise stemmed from real purchases rather than speculative trades.
Glassnode data revealed that the recent recovery in Bitcoin price was supported by strong spot purchases. Especially, while sharp sales were observed between 25-27 February, it was clearly seen that buyers dominated the market as of 1 March. Bitcoin price bounced from the $78,000 levels and rose to as high as $95,000 alongside Trump's announcement.
The strong demand for pots indicates an increased long-term confidence among investors, suggesting that Bitcoin could reach new record levels.