Bitcoin ($BTC) is displaying a strong bullish momentum based on the new market data. Despite the current bullish setting around Bitcoin, the market is still waiting for sufficient activity and trading volume to recovery from the holiday season. Christmas and new year holidays have resulted in extreme lack of trading volume.

Bitcoin Waits for Recovery Following Holidays amid Prevailed Bullish Momentum

Irrespective of the prevailing bullish Bitcoin market structure, it awaits recovery from the holiday season. In this respect, the analyst has discussed Bitcoin’s Adjusted Market Value to Realized Value ratio. The respective metric compares the 30-day moving average with the 365-day moving average. In line with the historical data, a ratio greater than 1 mark signifies a bullish trend. On the other hand, a dip below the respective level indicates bearish conditions.

At the moment, the Adjusted MVRV is above the respective base line, emphasizing the consistent bullishness. Notably, the price of Bitcoin has reportedly sustained a significant distance from its historical low levels. Simultaneously, it is trading near the former highs. This scenario reportedly points toward a likelihood for further growth.

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Apart from the MVRV analysis, the breakdown of the statistics concerning the futures markets also clarifies the trader sentiment. The market data discloses that the worldwide long-to-short ratio of Bitcoin presents 49% long while 51% short. This shows a slight inclination toward bearishness. Nonetheless, the respective balance differs across platforms. For instance, Binance reveals 53.1% shorts and 46.9% longs.

Market Needs Surge in Trading Activity for a Resilient Price Impulse

Additionally, BingX discloses a relatively more bullish sentiment with 41.73% shorts and 58.27% longs. The futures data additionally discloses a considerable open interest as Binance has recorded $423.71M in $BTC futures in the case of the long side while the short side has touched $479.75M.  Keeping this in view, the crypto analyst suggests that Bitcoin is waiting for a recovery spree after the holidays. In general, the market’s structure displays a bullish structure and a rise in activity will potentially lead to a solid price impulse.