Bitcoin Approaches $100,000 as Taker Buy/Sell Ratio Rises to 1.142
Bitcoin is approaching the $100,000 mark, trading at $96,857. It experienced a slight pullback from over $97,000 but has seen a 2.4% increase over the past week.
Key points include:
- On-chain data shows increased bullish sentiment.
- The taker buy/sell ratio on Binance spiked to 1.142, indicating aggressive buying behavior.
- A $200 million Bitcoin outflow from centralized exchanges suggests reduced selling pressure and increased confidence among large holders.
- Entities active in the futures market during Bitcoin's October rally have re-emerged, indicating potential for further price increases.
Taker buy/sell ratio highlights:
- Volume of market buy orders exceeds sell orders, reflecting eagerness to enter the market.
- Order book spikes align with Bitcoin surpassing $96,000.
The return of futures traders may indicate a reopening of leveraged long positions, which could support Bitcoin's ascent towards six figures.
