Written byNancy Lubale,Staff Writer
Reviewed byAllen Scott,Staff EditorBitcoin buyers show ‘renewed conviction’ with BTC price push above $79K
Bitcoin surges past $79,000 as bulls regain control and exchange reserves tighten, signalling renewed buyer conviction and reduced sell pressure.
Bitcoin (BTC) rallied past $79,000 during the New York trading session on Wednesday as buying pressure strengthened. BTC supply on exchanges continues to drop, suggesting reduced immediate selling pressure, a new analysis said.
Key takeaways:
- Bitcoin price taps $79,000 as onchain data shows signs of returning demand.
- Bitcoin supply on exchanges continues to drop as long-term holders accumulate, reducing BTC available for sale.
Bitcoin buyers on Binance are back
Bitcoin’s cumulative net taker volume suggests buyers are stepping in as demand for BTC derivatives on Binance returned, data from CryptoQuant shows.
Related: Crypto sentiment index soars to a 3-month high as Bitcoin holds $77K
Cumulative net taker volume, a metric that measures the running total of the difference between aggressive buyer and seller volume in Bitcoin futures, has risen to $9.2 billion on Binance, its highest level since February.
The move suggests that buyers are once again “stepping in aggressively and absorbing available sell-side liquidity,” CryptoQuant analyst Amr Taha said in a Wednesday QuickTake note.
This positive regime coincided with the latest BTC price rally above $79,000, indicating that demand has returned across derivatives markets.
“When aggressive buying returns to this kind of level, it usually points to renewed conviction from market participants,” Taha said, adding:
“As long as this demand profile remains firm, buyer control on Binance continues to support the broader bullish structure.”
Bitcoin: Binance Cumulative Net taker volume. Source: CryptoQuant
The 90-day Futures Taker cumulative volume delta (CVD), a metric that measures the difference between buy and sell volume over three months, further reinforces this picture.
The metric has been increasing steadily since late March, as shown in the chart below.
“This sustained rise confirms that aggressive market participants are consistently hitting the ‘Ask’, ” CryptoQuant analyst Abdullah Zia said, adding:
“This is a high-conviction signal showing that demand is actively absorbing any available sell-side liquidity in the futures market.”
Bitcoin futures taker CVD. Source: CryptoQuant
Meanwhile, demand for spot Bitcoin exchange-traded funds (ETFs) continues, with these investment products recording seven consecutive days of inflows, totaling $1.9 billion.
Spot Bitcoin ETF flows TABLE. Source: Farside Investors
As Cointelegraph reported, several Bitcoin metrics are turning bullish, including the bull score index hitting six-month highs, suggesting the beginning of BTC’s bull market.
Bitcoin supply on exchanges tightens
CryptoQuant’s exchange reserve data highlighted signs of supply tightening, as BTC balance on Binance “continues to decrease significantly.”
The chart below shows that the Bitcoin supply on Binance has dropped to about 618,300 BTC from around 675,000 in early January.
Such low levels have historically marked BTC macro bottoms as seen in late 2022, early 2024 and mid-2025.
When the supply on exchanges contracts at market bottom levels, it could mean “investors holding onto Bitcoin instead of selling and transferring it to personal wallets for storage, making the market more scarce,” CryptoQuant analyst Rei Researcher said in a QuickTake note on Wednesday, adding:
“This often leads to a sharp price increase in the next bullish cycle.”
Bitcoin supply on Binance. Source: CryptoQuant
Additional data also reflects an accumulation phase, as long-term holders (LTHs), investors who have held Bitcoin for more than 155 days, ramped up buying.
The LTH net position change has been positive since March 1, with about 130,000 BTC purchased over the past 30 days.
Bitcoin LTH net position change. Source: Glassnode
Bitcoin leaving exchanges while LTHs expand their positions usually signals lower immediate sell pressure and long-term conviction among investors.
If this trend continues, the market could be entering another phase where constrained supply and “higher demand drives up the value of BTC,” the analyst added.