Bitcoin futures market buyers' strength continues to grow, with $80k as a key resistance level

Over the past few weeks, Bitcoin has continued to strengthen, with last week posting its largest gain in over three months, breaking through the $79,000 mark. But it’s worth noting that this rally is primarily driven not by the spot market, but by strong demand in the perpetual futures market.

Analyst Darkfost, by observing on-chain data, stated that the Bitcoin derivatives net trading volume indicator has surged to about $145 million. This indicator reflects the difference between long buy volume and short sell volume; a positive value indicates that buying pressure is dominant.

More importantly, this indicator has remained positive for nearly two months since March 7, indicating that bulls have maintained dominance in the derivatives market, and this buying pressure is not just a short-term pulse but has formed a relatively stable bullish trend.

Furthermore, during this cycle, Bitcoin has exhibited a regular pattern. Whenever market sentiment shifts from extreme pessimistic selling pressure to bullish re-accumulation, the price tends to rise accordingly. The current trend is a continuation of the pattern since early March.

Based on the current duration and strength of buying pressure, Darkfost further judges that the current upward trend is likely to continue in the short term, and $80k will become Bitcoin’s next price target.

However, this target remains significantly under pressure. Market performance over the past few days has shown that the $80,000 region has become an important resistance level, and whether it can be effectively broken remains uncertain.

Additionally, this rally is mainly driven by derivatives. Although momentum is strong, if sentiment reverses, market volatility could become more intense.

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