Editor's PiCK

[Analysis] "Bitcoin (BTC), Taker Buy Ratio Surges on Binance... A Short-Term Bullish Signal?"

Source
Minseung Kang

Summary

  • Binance's Bitcoin taker buy-sell ratio has risen to 1.142, indicating aggressive buying pressure.
  • Approximately $200 million worth of Bitcoin has been withdrawn from centralized exchanges recently, interpreted as a positive signal of reduced selling pressure.
  • The increase in long positions by futures traders, who led past bull markets, suggests the possibility of Bitcoin showing strength again.

On the global cryptocurrency exchange Binance, the taker buy-sell ratio of Bitcoin (BTC) has surged, raising expectations for a short-term bullish trend.

On the 3rd, the cryptocurrency specialized media NewsBTC cited data from the cryptocurrency analysis platform CryptoQuant, reporting that "Binance's taker buy-sell ratio has recently risen to 1.142. The aggressive buying tendency of market participants is clearly evident."

CryptoQuant contributor Amr Taha analyzed, "A taker ratio exceeding 1 means there are more market buy orders than sell orders, indicating an increase in demand to buy immediately despite high prices."

During the same period, the decrease in spot selling pressure on major exchanges is also interpreted as a positive signal. According to CryptoQuant, approximately $200 million worth of Bitcoin has recently been withdrawn from centralized exchanges. The media explained, "If investors move coins for long-term holding, it can act as a factor reducing short-term selling pressure in the market."

Additionally, CryptoQuant analyst Mignolet evaluated, "Since the end of last month, the average order size of futures traders, who led past bull markets, has expanded again, and leverage-based long positions are increasing."

The media reported, "The combination of aggressive buying, asset recovery by whales, and the re-entry of past surge leaders is raising expectations that Bitcoin could attempt to break through the six-figure range ($100,000) again."

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Minseung Kang

minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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