Bitcoin buy walls strengthen, neutralizing sell walls across all exchanges

Bitcoin’s buy orders have gained strength across all exchanges, according to a recent data analysis shared by CryptoQuant founder.  

Ki Young Ju, the founder of CryptoQuant, shared insights into the current state of Bitcoin’s order books. According to his analysis, BTC buy walls on all exchanges have now become strong enough to neutralize sell walls. This marks a change from previous market conditions.

CryptoQuant founder compares Bitcoin to previous market cycle

#Bitcoin buy walls on all exchanges are now strong enough to neutralize sell walls. pic.twitter.com/GOgHBt4MiC

— Ki Young Ju (@ki_young_ju) October 14, 2024

Drawing comparisons to the last market cycle (2020-2022), Ki Young Ju noted that since May 2021, sell walls were consistently thicker than buy walls until the end of that cycle.

The current shift suggests a potential reversal in market dynamics, with buyers showing increased confidence. Interestingly, this strengthening of buy walls comes at a time when public interest in Bitcoin, as measured by Google search trends, appears to be at a relatively low state.

Google’s relative search volume for the term “Bitcoin” has hit its lowest weekly levels since October 2023. This is despite BTC price hitting its all-time high this year.

For the seven-day period ending October 12, Google Trends data shows a value of 17 for the search term “bitcoin” worldwide. It is currently trending at 14 this week. This compares to a reading of 15 for the week ending October 14, 2023: the lowest level since the term hit its peak popularity score of 100 in May 2021.

Many analysts still remain bullish on BTC’s prospects. Analyst Jelle noted that the crypto has broken out of a monthly falling wedge pattern and retested key support.

Jelle’s analysis points to a price target “well into six-figure territory,” hinting at the possibility of Bitcoin reaching new all-time highs.

#Bitcoin broke the monthly falling wedge, retested key support one last time, and is now starting the next leg higher.

Target of this structure is well into six-figure territory.

You ready? pic.twitter.com/12IvrmyNMr

— Jelle (@CryptoJelleNL) October 14, 2024

The analysis comes at a time when Bitcoin briefly breached the $65,000 level since trading began today, Monday. BTC is up by almost 3.5% in the last 24 hours. BTC has surged past the $65,000 level from a 24-hour low of $62,035.

The global crypto market cap has also surged by over 3%, as the crypto market finally seems to be trading in the green.