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Bitcoin Taker Buy/Sell Ratio Witnesses Notable Spike — Is A Price Surge Imminent?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Taker Buy/Sell Ratio Witnesses Notable Spike — Is A Price Surge Imminent?

Opeyemi Sule
Opeyemi Sule
5 months ago
2 mins read
Bitcoin price

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The price of Bitcoin has been in a slight consolidation over the past week, with the premier cryptocurrency struggling to cross the $100,000 mark on Christmas day. However, investors are hoping that the BTC price will gift them one final rally before the close of 2024, and the latest on-chain signals suggest so.

Can Increased Buying Pressure Push Bitcoin Price Back Toward $100,000?

In a December 28th post on the X platform, popular crypto analyst Ali Martinez shared an exciting on-chain observation that could influence the Bitcoin price action before the end of 2024. This relevant on-chain indicator here is the “taker buy/sell ratio,” which tracks the taker buy and taker sell volumes for a specific cryptocurrency.

Related Reading

A 20% to 30% Correction Is “The Most Bullish Thing” That Could Happen To Bitcoin – Analyst

A 20%-30% Correction Is ‘The Most Bullish Thing’ That Could Happen To Bitcoin – Analyst

5 months ago

When the value of the taker buy/sell ratio is greater than one, it implies that the taker buy volume is higher than the taker sell volume. This phenomenon is usually considered a bullish signal, which suggests the willingness of investors to pay a higher price for a specific asset (Bitcoin, in this scenario).

On the flip side, if the ratio’s value is less than 1, it suggests that more sellers are willing to sell their assets at a lower price. Typically, this means that the selling pressure is overwhelming the buyers in a particular crypto market while reflecting a bearish sentiment amongst investors.

Bitcoin
Source: Ali_charts/X

Martinez shared in the post on X that the Bitcoin taker buy/sell ratio on the OKX exchange witnessed a notable spike to as high as 2.3 on Saturday, December 28. This piece of data suggests a surge in buying activity on the centralized trading platform.

Ultimately, this on-chain signal could be bullish for the flagship cryptocurrency, as the increased buying pressure could infuse some upward momentum in the Bitcoin price. As of this writing, the price of BTC sits just beneath the $95,000 mark, reflecting a 0.6% increase in the past day.

BTC Continues To Flow Out Of Exchanges

A pseudonymous analyst on the CryptoQuant platform revealed that the amount of BTC flowing into exchanges has hit a multi-year. This is consistent with the low Netflow-to-Reserve ratio, which tracks the difference between exchange netflows and exchange reserves.

Related Reading

BTC, Bitcoin

Is Bitcoin Ending 2024 On A High Note? Analysts Say This Level Is Key

5 months ago

A negative Netflow-to-Reserve ratio highlights that Bitcoin investors are choosing to keep their assets rather than sell for profits. This on-chain signal is bullish for the premier cryptocurrency and could set the stage for significant price growth in the future.

Bitcoin
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created by Dall-E, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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