Here’s How BTC Price Reacted
The post Here’s How BTC Price Reacted appeared on BitcoinEthereumNews.com.
Bitcoin sees a dramatic surge in buyer activity on Binance amid a significant increase in the Taker Buy-Sell Ratio and whale movements. Analyst Ali Martinez observed and drew attention to the trend in a recent update. This surge aligns with data on the Bitcoin Taker Buy Sell Ratio from the snapshot shared by Martinez. The Ratio, measuring buy versus sell orders, offers critical insights into market sentiment. From July 27 to July 31, the ratio fluctuated between below 0.8 and above 1.7. Periods above 1.0 indicate aggressive buying, while those below 1.0 suggest aggressive selling. Notably, spikes above 1.2 often precede price increases, highlighting a direct correlation between buying pressure and price movement. Bitcoin buyer seller ratio chart for Binance by Ali Martinez During July 27-28, the ratio remained mostly above 1.0 with occasional dips, indicating sustained buying pressure. Consequently, Bitcoin’s price gradually rose from around $66.5K to above $67K during this period. From July 28-29, a spike to around 1.5 led to a sharp price increase from approximately $67K to nearly $68.5K. However, the period from July 30-31 saw the ratio drop below 1.0 multiple times, correlating with a price decline back to around $66K. A final spike to 1.7 was noted, with the price increasing slightly again. Growing Market Confidence The buyer interest by Bitcoiners is further proved by data from Santiment, which shows a steady increase in the total number of Bitcoin holders. This growing interest and accumulation among long-term holders typically support price stability and growth. Further, in Santiment’s analysis, the increasing number of holders (red line) supports the notion of accumulating sentiment, correlating with the higher Taker Buy-Sell Ratios observed in Martinez’s chart. Spikes in active addresses (blue region) also align with periods of increased Taker Buy Sell Ratio, indicating heightened trading activity and market…
Filed under: News - @ August 1, 2024 5:18 am