In a recent CryptoQuant Quicktake post, on-chain analyst Crazzyblockk highlighted that Bitcoin’s (BTC) Binance Taker Buy-Sell Ratio has climbed to 1.131 – indicating growing bullish momentum and a market dominated by aggressive buyers.
Bitcoin Riding The Bullish Wave
As BTC trades slightly above the $100,000 mark, the Binance Taker Buy-Sell metric suggests that bulls are gaining control. According to Crazzyblockk’s analysis, the current ratio of 1.131 implies strong upward pressure, reflecting the dominance of buyers over sellers on Binance.
For the uninitiated, the Binance Taker Buy-Sell Ratio measures the balance between aggressive buyers and sellers for Bitcoin on Binance. A ratio above 1 indicates buyers are dominant (bullish sentiment), while below 1 signals seller dominance (bearish sentiment).
Currently, the 7-day moving average of the ratio sits at 1.045 and is trending upward. Additionally, the 30-day percentage change has surged by 12.1%, pointing to sustained buying interest and strong positive momentum.
However, not all indicators are flashing green. The ratio’s Z-score – a statistical measure of how far the current value deviates from the mean – has reached 2.45, suggesting that the market may be nearing overbought territory. According to the analyst:
Historically, ratios above 1.1 with elevated z-scores have led to corrections before resuming uptrends.
Crazzyblockk added that Binance data offers multiple benefits. For instance, deep liquidity in order books gives an accurate representation of taker behavior. Further, high trading volume makes it a reliable indicator.
In terms of strategy, the analyst noted that a ratio remaining above 1.1 – coupled with BTC holding above $99,000 – would be a bullish sign. Conversely, a drop below 1.05 could indicate increased profit-taking and the potential for a short-term pullback.
BTC Breaking Downtrend But Faces Resistance Ahead
Meanwhile, popular analyst Rekt Capital shared a weekly Bitcoin chart showing that BTC is on the verge of breaking out of a long-standing downtrend that dates back to December 2024. According to the analyst, BTC must stay above $98,700 to confirm this breakout and prepare for a rally toward the next resistance level at $104,500.
Similarly, analyst Ali Martinez pinpointed $101,673 as a critical resistance zone—where nearly 81,910 BTC were previously accumulated. Martinez warned that failure to break above this level may result in a consolidation phase.
There are several crucial support levels that BTC must defend to avoid another sharp downturn. As pointed out by Martinez in another X post, BTC must not fall below the $93,198 support level or else it may risk dumping all the way down to $83,444.
On a positive note, exchange depositing BTC wallet addresses recently fell to a 8-year low, a bullish sign that could further propel BTC closer to its all-time high. At press time, BTC trades at $101,333, up 3.7% in the past 24 hours.
Featured Image from Unsplash.com, charts from CryptoQuant, X, and TradingView.com
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