Gate News reports that on March 12, CryptoQuant data showed that the net buy volume in the Bitcoin derivatives market remained positive, continuing to be so since the outbreak of the US-Iran war. Net buy volume is an indicator of the imbalance of active buying and selling forces in the derivatives market. Bitcoin’s price recently rebounded to $74,000.
TradingView data indicates that Bitcoin has been consolidating in the $62,000 to $72,000 range for over four weeks. From a macro perspective, BTC is currently positioned between the realized price (the average purchase cost of all circulating supply, $54,400) and the true market average price (the cost basis of active trading coins, $78,000).
Glassnode data shows that throughout most of 2023, BTC’s price has been between these two cost levels, with multiple rebounds near the true market average price. In October 2023, following the announcement of the US spot Bitcoin ETF approval, the price broke through the true market average price.
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