Bitcoin Net Taker Volume Turns Highly Positive, Bullish Sign?
14 September 2023 - 6:00AM
NEWSBTC
Data shows the Bitcoin Net Taker Volume has turned significantly
positive recently, a sign that may be bullish for the asset.
Bitcoin Net Taker Volume Has Risen To Positive Values Recently In a
new post on X, the CryptoQuant Netherlands Community Manager,
Maartunn, pointed out that buying activity appears to be occurring
in the market. The relevant indicator here is the “Net Taker
Volume,” which measures the difference between the Bitcoin taker
buy and taker sell volumes. When this metric has a positive value,
the taker’s buy volume is greater than the taker’s current sales
volume. This suggests that the investors are willing to pay more
than the spot price to buy the asset; thus, the majority of the
market is bullish. On the other hand, negative values imply a
bearish mentality is the dominant force in the BTC sector, as the
holders are willing to sell coins at a lower price. Related
Reading: Bitcoin Forming Death Cross: Here’s What Happened Last
Time Now, here is a chart that shows the trend in the Bitcoin Net
Taker Volume over the last few weeks: Looks like the value of the
metric has been green in recent days | Source: @JA_Maartun on X As
displayed in the above graph, the Bitcoin Net Taker Volume had a
negative value when the dip toward the $25,000 level occurred a few
days back. Still, before long, the indicator had registered a rise
and entered positive territory. With this switch towards a bullish
mentality, the BTC spot price had observed a sharp recovery below
the $26,000 mark. The chart shows that the metric’s value has only
grown more positive since the surge, suggesting that significant
buying could be occurring right now. The price, however, has only
consolidated sideways while this has happened. As for what this may
mean, the analyst notes, “either limit sellers are taking control,
or this thing will explode soon.” Signs of dropping values of the
Net Taker Volume may be worth watching out for, as the Grayscale
rally last month had initially seen a sharp surge in the indicator.
Still, soon enough, the metric had started to slide back down,
potentially resulting in the asset’s retrace. A few days back,
another analyst shared a chart showing that the miners had
made significant deposits to the spot exchanges. The metric had
observed a spike a couple of days back | Source: @IT_Tech_PL on X
Generally, miners transfer their coins to these platforms for
selling purposes, so this spike could have been a sign that these
chain validators had been gearing up for a dump. Related Reading:
Bitcoin Sentiment Now Close To Extreme Fear: Why This Matters The
spike had occurred after BTC’s drop to $25,000, implying that the
miners had perhaps panicked at the drop, and, hence, had made the
deposits as a reaction. It would appear that the market outweighed
the selling pressure caused by this cohort in the end, as the net
taker volume had turned positive, and the market had registered a
successful rebound. 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.
BTC is floating around the $26,200 level right now | Source: BTCUSD
on TradingView Featured image from Kanchanara on Unsplash.com,
charts from TradingView.com, CryptoQuant.com
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