On-chain data shows that the buy/sell ratio of bitcoin buyers has seen a significant increase on one particular crypto exchange. Here's how it could affect the price of the main cryptocurrency.
bitcoin Investors Buy the Dip on This Exchange
Noted crypto expert Ali Martinez turned to platform x.com/ali_charts/status/1801896577260233128″ target=”_blank” rel=”noopener nofollow”>reveal that investors in a particular exchange have taken advantage of the recent drop in the price of bitcoin. The relevant indicator here is the buyer's buy/sell ratio, which measures the relationship between the buyer's buying volumes and the buyer's selling volumes.
Typically, when the value of this metric is greater than 1, it implies that the buyer's buying volume is greater than the buyer's selling volume on the exchange in question. In this case, more traders are willing to buy coins at a higher price on the trading platform.
On the contrary, when the buyer's bid/sell ratio is less than 1, it means that more sellers are willing to sell coins at a lower price, indicating that the selling volume is greater than the buying volume.
<img decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Taker39s-BuySell-Ratio-Sees-a-Noticeable-Rise-–-What.jpeg" alt="bitcoin” width=”1200″ height=”673″/>
bitcoin taker buy/sell ratio | Source: x.com/ali_charts/status/1801896577260233128" target="_blank" rel="noopener nofollow">Ali_charts/x
According to data from CryptoQuant, the bid/sell ratio of bitcoin buyers on HTX Exchange (formerly known as Huobi) recently skyrocketed to over 545 on Saturday. This suggests a significant increase in buying pressure and a change in investor sentiment.
Martínez noted in his post on These high buying volumes on the HTX exchange are due to btc's recent drop to $65,000.
However, it is worth noting that the average btc/chart/derivatives/taker-buy-sell-ratio?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line” rel=”nofollow noopener” target=”_blank”>bitcoin Buyer Buy/Sell Ratio on all exchanges it is still below 1. At the time of writing, the value of this metric is around 0.8.
Average btc mining cost exceeds $86,500
The latest data shows that the average bitcoin mining cost has skyrocketed to $86,668. This figure reflects the accumulated expenses associated with the production of one btc, including operating, electricity, and hardware costs.
As Ali Martínez highlighted in a x.com/ali_charts/status/1801992810976956449″ target=”_blank” rel=”noopener nofollow”>publish in x, each significant increase in the average btc mining cost is usually followed by a corresponding increase in the market value of the coin. With this historical context, the latest increase in the average mining cost suggests that a price increase could be on the horizon for bitcoin.
<blockquote class="twitter-tweet” data-width=”500″ data-dnt=”true”>
twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoinThe average mining cost is currently $86,668.
And guess what? Historically, twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$btc Always beats your average mining cost! pic.twitter.com/S3UkwgvS3N
—Ali (@ali_charts) twitter.com/ali_charts/status/1801992810976956449?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>June 15, 2024
At the time of writing, bitcoin price continues to hover around the $66,000 mark, with no significant changes in the last day. According to data from CoinGecko, the leading cryptocurrency is down almost 5% in the past week.
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The price of btc on the daily timeframe | Source: BTCUSDT chart on x/D4Rp6TMa/" target="_blank" rel="noopener nofollow">TradingView
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