On-chain data shows that the seller / seller of Bitcoin has not been able to give a good signal recently as the demand has remained weak in the market.
The buy/sell price of Bitcoin Taker has not been able to rise recently
The broker’s buy/sell ratio has not moved significantly above or below 1 since August 2022. The “Bitcoin taker buy/sell ratio” is an indicator that measures the ratio between buyer volume and seller volume.
When the value of this metric is greater than one, it means that buying or “long” volume is currently high in the market. Basically, this means that there are many buyers willing to buy BTC at the current high price, so the buying pressure is high.
On the other hand, the indicator value below the threshold indicates that the seller is now getting worse. Such values show that many investors share the current bearish sentiment.
Naturally, the number is exactly the same which shows that the number of buyers and sellers is equal now, so the market is fully divided between bullish and bearish views.
Now, here is a chart that shows the 14-day simple moving average (SMA) Bitcoin taker buy/sell ratio has been trending over the past few years:
As you can see in the chart above, the quant showed the important point in the action for buying/selling of the Bitcoin SMA 14-day taker. It seems that every time the indicator breaks through the 1.03 level, BTC sees a big fire soon. On the contrary, whenever the number drops below the 0.97 level, a bearish trend follows the price of the crypto. The last time this token was launched was in April 2022, before the market saw the fall of LUNA and 3AC.
The last bullish signal was seen in July 2022, as the crypto prepared for its first bullish rally. Since then, however, there has been no further breach of any of these levels, as the chart shows. In the period between yesterday and today, the buyer/seller increased around 1, but the metric could not make enough calls to go either way. “We cannot expect Bitcoin to move until confidence – and eventually demand – returns to the market,” the analyst explains.
As of this writing, Btc is trading around $16,700, down 1% over the past week.
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