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bitcoin price has cooled down a bit, struggling to reach the highly coveted $100,000 mark, after an intense bullish run all week. However, investors do not seem fazed by the slow evolution of the price of the main cryptocurrency in recent days.
bitcoin Taker Buy/Sell Ratio Is Rising – Impact on Price
In a Nov. 23 post on Platform x, prominent crypto analyst Ali Martinez <a target="_blank" href="https://x.com/ali_charts/status/1860279455647723565″ target=”_blank” rel=”nofollow”>shared that traders have started loading their suitcases with bitcoin in recent days. This on-chain observation is based on the “buyer buy/sell ratio,” which tracks buyer buy and sell volumes for a specific cryptocurrency.
A value greater than one for the buyer's buy/sell ratio suggests that the buyer's buying volume is greater than the buyer's selling volume. This is often considered a bullish signal, suggesting investors' willingness to pay a higher price for a particular cryptocurrency (bitcoin, in this case).
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On the contrary, when the value of the metric is less than 1, it means that more sellers are willing to sell their assets at a lower price. Typically, this indicates bearish sentiment among investors as selling pressure overshadows buying pressure in the specific market.
Martínez highlighted in his post on As shown in the chart below, the metric skyrocketed to a value of over 28 on Binance, the world's largest exchange.
Similarly, the bid/sell ratio of bitcoin buyers rose well above the threshold of 1, showing the increasing buying pressure in the open market. This level of intense buying activity could ensure that the leading cryptocurrency continues its rally towards the $100,000 milestone.
At the time of writing, the btc price is around $97,800, reflecting a 1.1% drop in the last 24 hours. However, the performance of the flagship cryptocurrency in the weekly period remains impressive. According to data from CoinGecko, btc rose almost 8% last week.
Who is buying?
In another publication on platform <a target="_blank" href="https://x.com/ali_charts/status/1860313534959091768″ target=”_blank” rel=”nofollow”>revealed that a notable group of large investors (aka whales) have been active in the bitcoin market in recent days. These types of whales involved here are those that own between 100 and 1000 coins.
According to Santiment data, whales have purchased more than 40,000 btc (equivalent to about $3.96 billion) in the last four days. Considering its influence on market dynamics, this buying activity by bitcoin whales could be bullish for the price.
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Featured image from iStock, chart from TradingView
