Data shows the Bitcoin Net Taker Volume has turned significantly positive recently, a sign that may be bullish for the asset.
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Bitcoin Net Taker Volume Positive, Bullish? Bitcoin's net taker volume has recently increased to positive values.
According to a recent post on X, the CryptoQuant Netherlands Community Manager, Maartunn, has identified an increase in buying activity in the market. This is indicated by the "Net Taker Volume," which measures the difference between Bitcoin taker buy and taker sell volumes. Bitcoin Net Taker Volume Positive, Bullish?
A positive value in this metric suggests that investors are willing to pay more than the spot price to buy the asset, indicating a bullish market sentiment. Conversely, negative values imply a bearish mentality, as holders are willing to sell coins at a lower price.
Here is a chart depicting the trend in Bitcoin Net Taker Volume over the past few weeks:
As shown in the graph above, the Bitcoin Net Taker Volume experienced a negative value during the recent dip towards the $25,000 level. However, it quickly rebounded and entered positive territory.
This shift towards a bullish sentiment led to a sharp recovery in the BTC spot price, which dropped below the $26,000 mark. The chart indicates that the metric's value has continued to increase, suggesting significant buying activity at present.
Despite this, the price has remained consolidated sideways. The analyst speculates that this could mean either limit sellers are taking control or that a potential explosive movement is imminent.
It may be worth keeping an eye on any signs of declining values in the Net Taker Volume, as the previous Grayscale rally witnessed a sharp surge in this indicator. However, it eventually started to decline, potentially leading to a retracement of the asset.
A few days ago, another analyst shared a chart illustrating significant deposits made by miners to the spot exchanges.
Miners often transfer their coins to these platforms for the purpose of selling them. The recent spike in activity could indicate that these chain validators were preparing to sell a large amount of coins.
This spike occurred after the price of BTC dropped to $25,000, suggesting that miners may have panicked and made deposits in response to the drop.
However, despite the selling pressure from this group, the market ultimately overcame it. The net taker volume turned positive and the market successfully rebounded.
BTC Price
While Bitcoin has registered some uptrend in the past two days, the overall picture hasn’t changed for the cryptocurrency; its price remains in tight consolidation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.