Bitcoin’s Rally to $12,000 Driven by Spot Buyers; Futures Remain Short-Biased

Bitcoin is currently approaching the critical $12,000 resistance level that analysts and investors have been closely watching throughout the past few days and weeks. Although major altcoins like Ethereum typically rise and fall alongside Bitcoin, the benchmark cryptocurrency has been rising at altcoins’ expense over the past day.

While breaking down what has driven this Bitcoin rally, one analyst noted in a recent tweet that spot buying pressure has been backing this move higher, while the futures market generally remains short-biased on BTC. Spot Buyers Drive Ongoing BTC Rally While speaking about what drove the recent Bitcoin rally, one analyst observed that it appears to have been driven by spot buying pressure.

Timeline of Bitcoin, Ethereum, Rally