CryptoQuant CEO’s recent analysis reveals a significant shift in crypto market dynamics, with Bitcoin buy walls now outpacing sell walls across major exchanges. This development marks a crucial change in trading behavior, signaling strong buying interest that could be driving the current market uptrend.

The CEO noted that during the 2020-2022 cycle, sell walls consistently dominated buy walls from May 2021 onwards, contributing to downward price pressure. The recent reversal, with buy walls now stronger across exchanges, indicates growing investor confidence. This shift is playing a key role in Bitcoin’s recent price stability and upward momentum.

These observations come amidst a surge in buying activity throughout the crypto market. The increased buying pressure has been instrumental in fueling current positive trends, supporting a bullish outlook for the near to medium term.

Analyst and trader Skew highlighted $65,000 as a critical resistance level for Bitcoin. While acknowledging the ongoing BTC price rally, he emphasized the importance of breaking and maintaining above this threshold for continued upward momentum.

China’s economic stimulus efforts have also provided a boost to Bitcoin’s market performance. The stimulus has triggered a broader market rally in Asia, influencing sentiment in the crypto space.

Ceffu, an institutional-grade custody platform, capitalized on the current rally by accumulating 1,988 BTC valued at $120.88M on October 10 and 11 at $60,815 per coin. They later deposited 1,133 BTC to Binance for $72.57M when the price rose to $64,047, netting a profit of approximately $3.66M.

Macroeconomic factors are also contributing to the crypto market’s upswing. Despite inflation concerns highlighted by recent CPI and PPI reports in the U.S., the crypto market has shown resilience. This stability reflects a broader shift in investor strategy, with many viewing digital assets as hedges against traditional market volatility and inflation.

Upcoming U.S. economic data releases, including jobless claims and retail sales figures, will provide further insights into the economy’s health and could influence crypto market movements. A strong economic outlook typically encourages investment in digital assets, while signs of economic weakness often drive investors towards cryptocurrencies as alternatives to traditional assets.

Alongside Bitcoin’s gains, XRP has experienced a 266% surge in institutional buying, amid ongoing legal developments between Ripple and the SEC.

At the time of writing, Bitcoin is trading at $64,743.98, marking a 3.28% increase over the past 24 hours. The total market capitalization has also grown by 3.28% to reach $1.28 trillion, with trading volume spiking by 95.93% to $31.09 billion.