Bitcoin continues to approach the psychological price milestone of $100,000, trading at $96,857 at the time of writing. Although the asset has slightly decreased from its 24-hour high of $97,000, it still recorded a 2.4% increase over the past week, maintaining a broader upward trend.
Recent on-chain data indicates a rising optimistic sentiment in the market. Notably, the buy/sell ratio of buyers on Binance has surged, suggesting that traders are becoming more aggressive in their buying behavior.
Some analysts suggest that this shift could be a precursor to the next bullish move, especially as the outflow of funds from exchanges signals a tightening supply.
The Bitcoin Taker buy/sell ratio indicates aggressive buying behavior
Amr Taha, a contributor to the QuickTake platform developed by CryptoQuant, emphasized that the buy/sell ratio of buyers on Binance has recently surged to 1.142 - the highest in recent history.
This index compares market buy volume (buyers) with market sell volume (sellers). A value above 1 indicates that market participants are placing buy orders more aggressively than sell orders, suggesting growing eagerness to participate in the market even at higher price levels.
Taha's analysis also references a visual spike in Binance's order book, signaling a wave of buying reflecting immediate interest in accumulating BTC. The timing of this spike coincides with Bitcoin's recent movement above $96,000.
At the same time, data from CryptoQuant's Whales Screener shows that BTC outflows from centralized exchanges amount to $200 million. This withdrawal may represent a shift from liquid trading platforms to cold storage, implying reduced selling pressure and increased confidence among major holders.
Futures traders drive the return of the October bull run
In a separate update, another CryptoQuant analyst named Mignolet pointed out the re-emergence of entities in the futures market actively participating in Bitcoin's strong bull run in October 2023.
These futures participants, often institutional or high-frequency traders, have played a significant role in driving momentum during that bullish phase. According to Mignolet, similar entities have begun to show signs of activity returning since late April.
The return of these futures traders may indicate that long leveraged positions are being reopened to anticipate another breakout. Combined with the recent net outflow of funds from exchanges and active spot buying on Binance, this resurgence could provide additional momentum for Bitcoin to climb to six figures.
Overall, while volatility remains a notable feature of the cryptocurrency market, current indicators suggest that a strong bullish trend may be forming beneath the surface.
