The price of Bitcoin began the new week on an exciting move to the upside. The premier cryptocurrency recorded a price ascent of about 9%, reaching a high of over $97,000 and falling just short of its past six-figure valuation. Interestingly, a recent on-chain revelation shows that an underlying change was simultaneously taking place as the price of Bitcoin soared on the charts.
Are The BTC Bulls Back In Control?
In a January 16 post on social media platform X, crypto analyst Darkfost revealed a notable shift in the on-chain power dynamics, saying that the bulls are seemingly back in control.
The relevant indicator here is the BTC Net Taker Volume, which tracks which of the buyers or sellers is more aggressive in the market. The metric does so by measuring the net difference between buy and sell market orders executed on derivatives exchanges.
Before this recent shift, the net taker volume had fallen into deep negative territory, reaching a bottom of about –$489 milli
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