Bitcoin (BTC) Surges on Binance: Is This the Beginning of a Major Rally?
The Bitcoin BTC market seems to have taken a significant step by returning to upward momentum. Currently, the price of Bitcoin (BTC) has breached the psychological level of $90,000, even touching $94,320 before slightly dropping to the current price of $93,473. This increase marks a 3.1% rise in the last day, with Binance playing a crucial role in this short-term price movement.
Binance's Role in Buyer Dominance
Analysis from CryptoQuant indicates that there has been an increase in aggressive buying behavior on Binance, one of the largest cryptocurrency exchanges by volume. Market participants seem to no longer wait in the order books but choose to buy directly in the market. This activity is often associated with increased market confidence and could explain the recent surge in Bitcoin (BTC) prices.
This increase becomes more apparent when looking at the buy/sell ratio by takers on Binance, which shows strong buyer dominance. In the last 30 days, this ratio has increased by 18.9%, and in the last 7 days, it rose by 6.2%. This indicates that traders on Binance are entering the market with high urgency, using market buy orders to immediately fill sell offers.
