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crypto.news 2025-04-14 06:05:37

Bitcoin may soon rally as perpetual-spot gap narrows: CryptoQuant

On-chain data from CryptoQuant suggests that Bitcoin could be on the verge of a bullish trend reversal, as a key market signal begins to shift. In an Apr. 13 post , CryptoQuant contributor Joao Wedson noted that the gap between Bitcoin’s ( BTC ) futures price and its spot price on Binance is starting to shrink. This gap, known as the perpetual-spot gap, shows the difference between what traders are paying in futures contracts versus the actual price of Bitcoin. Given that the gap is currently negative, futures market participants may be exercising caution or taking profits following Bitcoin’s previous surge to almost $90,000. However, the narrowing gap may indicate that selling pressure is easing. In the past, Bitcoin’s price often experienced a significant increase when this gap turned positive. This occurred in 2020 and early in 2024. Despite Bitcoin falling over 22% from its all-time high of $108,786 in January, on-chain accumulation signals remain strong. According to an Apr. 11 post on X by Glassnode, around 40,000 BTC has been purchased near the $79,000 level, while roughly 51,000 BTC was accumulated at around $82,080. If prices decline once more, these levels might serve as support. Looking at Cost Basis Distribution, #Bitcoin has built notable support at $79K, with ~40K $BTC accumulated there. It has also worked through the $82.08K cluster (~51K $BTC ). If this level holds, the next to test is $83.5K, with 48.5K $BTC positioned: https://t.co/YqeQ2uWJlV pic.twitter.com/9aE3UdsT2O — glassnode (@glassnode) April 11, 2025 You might also like: If the Fed prints more money, what’s at stake for Bitcoin? Bitcoin is trading at about $84,746 as of press time, having recovered from a weekly low of $74,773. The cryptocurrency is up 7% in the last week. Recently, Bitcoin closed a daily candle above a long-term downtrend line, leading well-known market analyst Rekt Capital to speculate that a breakout might be imminent. They did, however, warn that a successful retest is required to confirm the trend change. #BTC Bitcoin has Daily Closed above the Downtrend Thus, breakout confirmation is underway However BTC has previously Daily Closed above the Downtrend but failed its retest (a few of the red circles) Retest needs to be successful and it is in progress $BTC #Crypto #Bitcoin https://t.co/giK8ZxYtW5 pic.twitter.com/MUooUbjjps — Rekt Capital (@rektcapital) April 13, 2025 Meanwhile, Bitcoin’s dominance, which measures its share of the whole cryptocurrency market, sits at 63%, as per TradingView data . This indicates that a sizable amount of market capital is still allocated to Bitcoin, suggesting that investors are banking on its relative stability in volatile markets. If buyers continue to step in and the futures gap turns positive, analysts believe that Bitcoin might be poised for another rally. Read more: Bitcoin about to enter ‘up only mode’: Arthur Hayes

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