The price of Bitcoin has somewhat cooled off, struggling to reach the highly-coveted $100,000 mark, after an intense bullish run all week long. However, investors appear to be undeterred by the sluggish price action of the premier cryptocurrency in the past few days.
Bitcoin Taker Buy/Sell Ratio Is Rising — Impact On Price
In a November 23 post on the X platform, prominent crypto analyst Ali Martinez shared that traders have taken to loading their bags with Bitcoin in recent days. This on-chain observation is based on the “taker buy/sell ratio,” which tracks the taker buy and taker sell volumes for a specific cryptocurrency.
A greater-than-one value of the taker buy/sell ratio suggests that the taker buy volume is higher than the taker sell volume. This is usually considered a bullish signal, which suggests the willingness of investors to pay a higher price for a particular cryptocurrency (Bitcoin, in this case).
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In contrast, when the metric’s value is less than 1, it means that more sellers are willing to sell their assets at a lower price. Typically, this indicates a bearish sentiment amongst investors, as the selling pressure is overshadowing the buying pressure in the specific market.
Martinez highlighted in his post on X that the Bitcoin taker buy/sell ratio across major trading platforms, including Binance, OKX, HTX, and Bybit, has witnessed a significant surge in the past day. As shown in the chart below, the metric spiked to a value of over 28 on Binance, the world’s largest exchange.
Similarly, the Bitcoin taker buy/sell ratio climbed well above the 1 threshold, showing the mounting buying pressure in the open market. This level of intense buying activity could ensure that the premier cryptocurrency continues its rally toward the $100,000 milestone.
As of this writing, the price of BTC stands around $97,800, reflecting a 1.1% decline in the last 24 hours. Nevertheless, the flagship cryptocurrency’s performance on the weekly timeframe is still impressive. According to CoinGecko data, BTC is up by nearly 8% in the past week.
Who Is Buying?
In another post on the X platform, Martinez revealed that a notable cohort of large investors (also known as whales) have been active in the Bitcoin market in the past few days. This class of whales involved here are those holding between 100 and 1,000 coins.
According to data from Santiment, whales have purchased more than 40,000 BTC (equivalent to around $3.96 billion) in the past four days. Considering their influence on market dynamics, this buying activity from the Bitcoin whales could be bullish for price.
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Featured image from iStock, chart from TradingView
