Bitcoin’s derivatives order books are painting a picture that goes beyond this week’s price moves. The monthly-smoothed Net Taker Volume has held positive for close to two months, sitting at $145 million as of this writing, and traders are watching a six-touch trendline channel that could decide where Bitcoin goes next.

The Net Taker Volume measures buy volume minus sell volume in derivatives markets. When positive, buyers are taking liquidity more aggressively than sellers. When negative, the reverse. At $145 million on a monthly-smoothed basis, the figure reflects not a spike, but a sustained trend.

Two Months of Buy-Side Control

Crypto analyst Darkfost noted on X that this metric has remained positive since March 7, nearly two months running. As Darkfost posted on X, every prior shift from heavy selling pressure to renewed buying pressure in this cycle has been followed by upside price movement. That is exactly what has been happening since early March.

“The Net Taker Volume, which I have monthly smoothed to capture the real trend, now stands at $145 million. It has remained positive since March 7, nearly two months now.”

What makes this reading different from a short-term spike is the duration. Darkfost pointed to the strong and sustained nature of the buy-side dominance as a reason the current trend could persist, potentially allowing price to test the $80,000 level.

The Channel That Has Held Six Times

Separate from the derivatives data, technical trader ZordXBT posted analysis on X that Bitcoin is sitting right at the bottom of a channel that has defined the entire recent uptrend. The lower trendline has now been touched six times. The five prior touches each produced an immediate bounce and marked a local bottom.

“Bitcoin is standing right at the bottom of the channel which established this whole uptrend. This is the 6th time price has reached the lower trendline. Last 5 occurrences gave an instant bounce and a local bottom.”

ZordXBT flagged $72,200 as the level to watch if the channel breaks to the downside. That price is the 50% retracement of the full uptrend. A break of the channel would not necessarily end the broader uptrend, but it would demand that level hold for any continuation. $78,200 is the key upside level. Reclaiming and holding it opens the door to a new high; a rejection there could offer a short entry.

What the Data Points to at $80K

The two signals are reading in the same direction. Derivatives order flow has stayed in buy-side territory since early March. The price channel is at a structural support point that has bounced five times before. Together they put $80,000 as the next meaningful test.

ZordXBT’s view leans toward one more short squeeze before any bearish structure develops.

“I expect a little more short squeeze in the market first.”

That matches the broader derivatives picture Darkfost described, where buyers have been consistently absorbing sell pressure, not just in a single session but over weeks. The $145 million monthly-smoothed figure is the kind of sustained reading that, historically in this cycle, has not reversed quickly.

For retail holders in markets like Kenya and across sub-Saharan Africa, where Bitcoin exposure often runs through spot purchases and mobile platforms rather than futures, the derivatives signal still matters. It reflects what better-capitalised traders with access to order flow are doing, and two months of consistent buying in that segment has preceded price gains before.

Bitcoin was trading near $77,500 at the time of writing.