- BTC rallied past $117K before cooling to $115K, with traders watching CME gaps and liquidity shifts for next moves.
- Daily spent volume dropped to 529K BTC, the lowest in months, suggesting seller exhaustion and easing supply pressure.
- Analysts say breaking $117K could trigger the next bullish wave, fueled by institutional flows and reduced selling activity.
Bitcoin is showing mixed signals as traders balance short-term volatility with broader liquidity changes in the market. On Binance, BTC recently traded near $115,722 after a sharp rally fueled by Powell’s remarks on Friday. The surge lifted prices above $117,000 before weekend consolidation set in.
Meanwhile, spent volume metrics reveal a notable drop, signaling that major selling pressure may already be easing. Consequently, traders now face a market defined by both caution and opportunity.
Weekend Trading and CME Gaps
According to Daan Crypto Trades, Bitcoin’s latest rally began after liquidity was taken out below $114,000. Prices then spiked above $116,000, peaking near $117,100 during aggressive buying. Besides, trading volumes increased substantially, showing heavy demand in that session.
Source: Daan Crypto Trades
However, post-midnight trading triggered a sharp retracement toward $116,500. The CME close marked institutional flows near $117,000, after which BTC dipped toward $115,000 support. Consequently, the market stabilized with price action consolidating near $115,700.
The CME gap between close and open levels remains a key technical marker for traders. Moreover, volumes show strong clustering during both the breakout and the correction, confirming institutional influence on price behavior.
Decline in Spent Volume Signals Seller Exhaustion
Axel Adler Jr highlighted an important metric: Bitcoin’s spent volume. This indicator tracks the amount of BTC moved daily. Currently, spent volume has fallen to 529K BTC, the lowest level in months. Hence, the decline suggests that the wave of sellers at current prices has dried up.
Source: Axel Adler Jr
Additionally, the spent volume chart over the past year illustrates changing transaction behavior. October 2024 saw spikes near 1M BTC as prices climbed. November’s rally to $95K pushed spent volume beyond 1.2M BTC. However, recent months show declining activity, matching Bitcoin’s stabilization around $110K–$115K.
Moreover, spent age metrics confirm that older coins are moving less, reflecting reduced long-term holder selling. Consequently, this supports the bullish argument that supply pressure is easing as demand rises.
Bitcoin now faces a balancing act between short-term resistance and long-term liquidity dynamics. Furthermore, analysts agree that reduced spent volume combined with steady institutional flows could support higher prices. Hence, reclaiming levels above $117,000 may unlock the next bullish leg.
