On-chain data from CryptoQuant suggests that Bitcoin might be approaching a bullish trend reversal. In an April 13 update, CryptoQuant contributor Joao Wedson pointed out the narrowing gap between Bitcoin’s futures price and spot price on Binance, known as the perpetual-spot gap, which reflects the difference between futures contract prices and the current market value.
The gap remains negative, suggesting that futures traders exercise caution or lock in profits following Bitcoin’s climb to nearly 90,000 per the update. However, the fact that the gap is narrowing may signal that selling pressure is easing. Historically, when this gap flipped positive—as seen in 2020 and again in early 2024—Bitcoin’s price often experienced notable upward momentum.
Adding to the bullish sentiment, despite Bitcoin falling over 22% from its all-time high of $108,786 in January, on-chain accumulation signals remain robust. According to an April 11 report by Glassnode, approximately 40,000 BTC was accumulated near the $79,000 level, while an additional 51,000 BTC was purchased around $82,080. These levels could act as support zones if Bitcoin’s price dips again.
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
Bitcoin is currently trading at around $84,746, marking a recovery from a weekly low of $74,773 and a 7% increase over the past week. This uptick follows Bitcoin closing a daily candle above a long-term downtrend line, which analyst Rekt Capital suggests may indicate a potential breakout. However, a successful retest is needed to confirm a trend reversal. Additionally, Bitcoin’s dominance in the market has risen to 63%, highlighting its strong influence within the broader cryptocurrency space.
Bitcoin has Daily Closed above the Downtrend
Thus, breakout confirmation is underway
However BTC has previously Daily Closed above the Downtrend but failed its retest (a few of the red circles)
Retest needs to be successful and it is in progress$BTC #Crypto #Bitcoin https://t.co/giK8ZxYtW5 pic.twitter.com/MUooUbjjps
— Rekt Capital (@rektcapital) April 13, 2025
Further reinforcing this narrative, CryptoQuant CEO Ki Young Ju has drawn attention to the growing impact of U.S.-based institutional activity. In a February 26 post on X, Ju noted that whales trading on Coinbase are playing a dominant role in Bitcoin’s current trajectory. Over the past week, Coinbase accounted for over 30% of the total Bitcoin spot trading volume.
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