- Bitcoin’s Taker Buy Sell Ratio has risen above one.
- BTC remained in the $66,000 price range.
The price of Bitcoin has risen in recent days [BTC] has fallen and is reaching new lows every day. Despite the apparent decline, one metric suggests the price could rise soon.
Bitcoin buyers and sellers
AMBCrypto’s analysis of the Bitcoin Taker Buy Sell Ratio on CryptoQuant recently showed a positive trend.
The chart indicated that the ratio was below 1 at the end of trading on June 15, indicating bearish sentiment.
However, the measure has risen since the previous trading session.
Further analysis showed that the price had risen above one on some exchanges, indicating a shift towards bullish sentiment as more buy orders are being executed than sell orders.
Source: CryptoQuant
At the time of writing, the BTC Taker Buy Sell Ratio has exceeded one. This indicated that buying pressure was greater than selling pressure on most exchanges.
This shift suggested that market sentiment is becoming more positive, and this could soon lead to a potential price increase for BTC.
The inflow dominates, but there is a catch
Bitcoin’s Exchange Netflow showed that it has been positive in recent days. This indicated that more BTC is being sent to exchanges than is being withdrawn from them.
While this may seem like a bearish signal at first glance, further analysis revealed that inflows are still relatively low compared to the outflows of recent weeks.
Source: CryptoQuant
Despite the recent increase in BTC being sent to exchanges, the overall trend of accumulation and withdrawal to private wallets remains strong, which could still support a bullish outlook for BTC.
Bitcoin remains bearish
AMBCrypto’s analysis of Bitcoin on a daily time frame showed a general decline in recent days, with small upward trends not being enough to stabilize it.
At the time of writing, BTC was trading around $66,360 despite a small uptrend.
Source: TradingView
Read Bitcoin’s [BTC] Price forecast 2024-25
Furthermore, BTC’s support was now under pressure as the price rested heavily on it. The latest support range is around $65,000, and Bitcoin is still trading above this level for now.
Moreover, the Relative Strength Index (RSI) remained below the neutral line. At the time of writing, the RSI is around 45, indicating that BTC is in a bear trend.