Bitcoin could skyrocket soon as buyers take control, claims an analyst.
The Bitcoin Taker buy-sell ratio has confirmed a reversal as buyers take control.
A breakout above $100K-$105K could confirm a bullish outbreak for Bitcoin.
Bitcoin could be heading towards massive gains as key indicators highlight the potential for a new all-time high very soon.
Analyst 'ShayanBTC' published a note on CryptoQuant, highlighting a reversal in the buyer's buy-sell ratio, showing that they are pushing to take control from the bears.
Buyer dominance signal
The Bitcoin Taker buy-sell ratio measures the aggressiveness of market participants by analyzing whether buyers or sellers dominate the futures market orders. A ratio above 1 indicates that buyers dominate the order book, while a ratio below 1 indicates that sellers are in control.
According to ShayanBTC, the 14-day moving average of the Taker buy-sell ratio showed a bullish reversal just after a decline. This suggests that buyers are regaining control, which could drive a bullish rally if the trend continues. The analyst noted that BTC 'has left investors wondering why the market cannot maintain its upward momentum...'
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