by Coinstrooper Crypto Articles
Quick Take
  • Bitcoin (BTC) is eyeing a breakout toward $130K as the start of “Uptober” has seen buyers on Binance outpace sellers by about $1.8 billion in futures volume.
  • According to analysis shared on X by CryptoQuant contributor Pelinay P.A., taker buy volume on Binance has dominated sell volume throughout the month.
  • “It’s a clear sign that traders are betting long, and they’re doing it hard.”
  • The move comes as Bitcoin trades between $110,000 and $120,000, driven more by spot demand and long-term holders than by excessive leverage.

What Happened

“It’s a clear sign that traders are betting long, and they’re doing it hard.”

The move comes as Bitcoin trades between $110,000 and $120,000, driven more by spot demand and long-term holders than by excessive leverage.

And that’s exactly the kind of environment that can lead to sharp upward moves when buying pressure finally breaks through resistance.

Market Context

Bitcoin (BTC) is eyeing a breakout toward $130K as the start of “Uptober” has seen buyers on Binance outpace sellers by about $1.8 billion in futures volume.

According to analysis shared on X by CryptoQuant contributor Pelinay P.A., taker buy volume on Binance has dominated sell volume throughout the month.

Binance Futures Funding Rates Stay Negative As Accumulation Signals a $130K BTC Breakout

Funding rates on Binance are either neutral or slightly negative, which is unusual.

Usually, when prices rise, funding rates go positive as longs pile in.

But right now, the market looks more like a quiet accumulation than a speculative trend.

Bitcoin has stayed above its realized price since early 2024, which means the broader trend is still bullish.

Spot market signals confirm this strength.

Coinbase Premium Gap Nears 92 as U.S. Demand Drives Price Higher

On Coinbase, Bitcoin is trading about $92 higher than on Binance.

But even with that much selling, the market absorbed it without flipping bearish.

Why It Matters

These gaps usually get filled fast; the hit rate this year was 100%, but this time, sellers couldn’t push hard enough.

That premium shows strong demand from U.S. buyers, likely institutions, who are willing to pay more to get in.

Details

This setup sets the stage for potential upward squeezes, with BTC set to test $120,000–$125,000 and possibly extend to the $130K level.

Just a few days ago, traders were watching a “gap” in CME Bitcoin futures that pointed to a possible dip back to $110K.

The gap stayed open, and Bitcoin kept its bullish momentum.

Current conditions also align with the STH-MVRV pricing corridor, which tracks the profitability of short-term holders.

The upper boundary of this range sits near $130K, a level where profit-taking historically intensifies.

Even if some short-term holders cash out near $130K, it doesn’t mean the rally is over.

At the same time, profit-taking hit $3.7 billion in a single day recently, the fifth-highest this year.

That’s a healthy sign that there’s enough buying power to handle supply without breaking the trend.