Bitcoin Taker Buy/Sell Ratio Approaches Bullish Cross
2022年5月24日 - 04:00AM
NEWSBTC
On-chain data shows the Bitcoin taker buy/sell ratio is now
approaching a crossover with the “1” level, a sign that could be
bullish for the crypto’s price. Bitcoin Taker Buy/Sell Ratio
Observes Rise, Almost Reaches A Value Of 1 As explained by an
analyst in a CryptoQuant post, signs may suggest that a local top
could soon be coming for the crypto. The “taker buy/sell ratio” is
an indicator that measures the ratio between the Bitcoin long
volume and the short volume. When the value of the metric is
greater than one, it means the taker buy volume is higher than the
sell volume right now. This trend indicates that a bullish
sentiment is dominant in the market at the moment. Related Reading
| Bitcoin NUPL Touches Lows Not Seen Since COVID Crash,
Rebound Soon? On the other hand, the ratio being below one implies
the majority sentiment is bearish currently as taker sell volume is
more than the long volume. Now, here is a chart that shows the
trend in the Bitcoin taker buy/sell ratio over the last few months:
The value of the indicator seems to have observed a surge recently
| Source: CryptoQuant As you can see in the above graph, the
Bitcoin taker buy/sell ratio has been rising over the past month
and is now approaching a crossover with the “1” level. In the past,
an increase in the indicator’s value above this line has usually
been a bullish signal for the crypto’s price. Related Reading
| Long Liquidations Continue To Rock Market As Bitcoin
Struggles To Settle Above $30,000 The quant also points out that
the volume has been going up and is about to cross above a positive
value. The below chart shows this trend. Looks like the BTC volume
has been going up in recent weeks | Source: CryptoQuant The analyst
believes that these two trends together (if they continue on and
the respective crosses take place) may indicate that the price of
Bitcoin could see an increase soon and form a local top. BTC Price
At the time of writing, Bitcoin’s price floats around $30.3k, up 2%
in the last seven days. Over the past month, the crypto has lost
24% in value. The below chart shows the trend in the price of the
coin over the last five days. The price of the crypto looks to have
observed a rise over the last couple of days | Source: BTCUSD on
TradingView Bitcoin seems to have gained some footing above the
$30k level in the past two days, but the coin has still been stuck
in an overall trend of consolidation for a couple of weeks now. At
the moment, it’s unclear when the coin may escape this rangebound
market and show some real price movement. Featured image from
Unsplash.com, charts from TradingView.com, CryptoQuant.com
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