Bitcoin's (CRYPTO: BTC) remains an attractive buy according to the cryptocurrency community, despite closing December almost where it started, down 1.3% over the past 30 days.
What Happened: Prominent whale trader Abetrade shared his observation on X that Bitcoin's spot order books, currently within 10% of the current price on Coinbase and Binance, are more skewed toward bids than at any other point in Bitcoin's history.
Historically, such imbalances often precede strong price bounces, especially when paired with large open interest flushes—a scenario that has played out before the holidays.
Additionally, the Binance perpetual/spot relationship indicates spot leading activity.
Combined with low funding rates, these favors buying over selling.
However, the trader cautions against rushing positions, even with compelling high-timeframe signals.
Also Read: 2025 Outlook: Bitcoin To $150,000, Ethereum To $5,500, Dogecoin Hits $1, Galaxy Research Predicts
Adam stated that while many are focused on the $85,000 level, he sees $90,000 as solid support.
Given the current setup, the trader is inclined to buy rather than sell. "Ideally, I'd like to see one more significant leverage flush before entering, likely in January 2025."
He advises patience and strategic entry, focusing on long-term gains over short-term noise.
Statistics: IntoTheBlock data shows Bitcoin's large transaction volume increased by 48.2% and transactions greater than $100,000 from 7,678 to 10,479 in a single day.
At current levels, 93% of Bitcoin holders are in profit.
Bitcoin is up 3.3% to $95,750 over the past 24 hours.
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