Bullish sentiment could be returning to Bitcoin as a key metric from Binance, the largest crypto exchange by trading volume, shows that buyers are starting to dominate the platform’s volumes.
The Binance Taker Buy Sell Ratio, which calculates the ratio of buyers to sellers of Bitcoin (BTC) in Binance, “has returned to neutral territory,” CryptoQuant contributor DarkFost said in an April 15 note.
Bitcoin’s bullish momentum is “picking up again”
The ratio currently stands at 1.008. When the ratio is higher than 1, buyers — usually a bullish sentiment indicator — dominate volumes, conversely, a ratio below 1 indicates that sellers, or bearish sentiment, are dominating.
Bitcoin is trading at $83,810 at the time of publication, down 1.47% over the past seven days, according to CoinMarketCap data.
“Over the past few days, the ratio has been mostly positive, suggesting that bullish sentiment is picking up again on Binance’s derivatives market,” Darkfost said. On April 14, when Bitcoin was above $86,000, the ratio was above 1.1.
CoinGlass data shows that if Bitcoin reclaims $85,000, almost $637 million in short positions will be at risk of liquidation. Several key market indicators suggest that investors continue to favor Bitcoin over altcoins.
CoinMarketCap’s Altcoin Season Index is currently at 15 out of 100, signalling it is still very much “Bitcoin Season.” TradingView’s Bitcoin Dominance Chart shows the asset’s market share is sitting at 63.81%, up 9.82% so far this year.
Overall, crypto market participants are still appearing to feel hesitant. The Crypto Fear & Greed Index shows the overall market sentiment on April 16 is in “Fear” with a score of 29 out of 100.
Some analysts, including DeFiDaniel, commented that Bitcoin’s recent price action is “so boring.”
However, Cointelegraph earlier reported that Bitcoin apparent demand is on a recovery path, but it is not net positive yet. Historically, 30-day apparent demand can move sideways for a prolonged period after Bitcoin reaches a local bottom, leading to its price chopping sideways.
Analysts have differing views over where Bitcoin is going to go next.
Real Vision chief crypto analyst Jamie Coutts told Cointelegraph in late March that “the market may be underestimating how quickly Bitcoin could surge — potentially hitting new all-time highs before Q2 is out.”
AnchorWatch CEO Rob Hamilton said in an April 15 X post that Bitcoin’s price “is flat for the day because we are in an epic tug of war between people who are selling Bitcoin to pay their taxes and people using their refunds to buy Bitcoin.” The tax deadline in the US was April 15.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.