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Bitcoin

Bitcoin Taker Buy/Sell Ratio Sees Notable Spike – What Does This Mean For BTC Price?

Opeyemi Sule
by Opeyemi Sule
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows that the Bitcoin taker buy/sell ratio has experienced a significant surge on a particular crypto exchange. Here’s how it could impact the price of the premier cryptocurrency.

Bitcoin Investors Buying The Dip On This Exchange

Prominent crypto pundit Ali Martinez took to the X platform to reveal that investors on a particular exchange have been taking advantage of the recent fall in Bitcoin price. The relevant indicator here is the taker buy/sell ratio, which measures the ratio between the taker buy volumes and the taker sell volumes.

Typically, when the value of this metric is greater than 1, it implies that the taker buy volume is higher than the taker sell volume on the exchange in question. In this case, more traders are willing to buy coins at a higher price on the trading platform.

Related Reading: Bitcoin Surge Incoming? MicroStrategy Prepares To Buy $700 Million Worth Of BTC

Conversely, when the taker buy/sell ratio is below 1, it means that more sellers are willing to sell coins at a lower price, indicating that the sell volume is greater than the buy volume. 

Bitcoin

Bitcoin taker buy/sell ratio | Source: Ali_charts/X

According to data from CryptoQuant, the Bitcoin taker buy/sell ratio on the HTX Exchange (formerly known as Huobi) recently skyrocketed to above 545 on Saturday. This suggests a significant increase in buying pressure and a shift in investor sentiment.

Martinez noted in his post on X that this spike in bullish pressure could be a signal of impending upward price movement for Bitcoin. These high buy volumes on the HTX exchange come on the back of BTC’s recent fall to $65,000.

However, it is worth noting that the average Bitcoin taker buy/sell ratio across all exchanges is still below 1. At the time of writing, the value of this metric stands around 0.8.

BTC’s Average Mining Cost Surges Above $86,500

The latest data shows Bitcoin’s average mining cost has soared to $86,668. This figure reflects the cumulative expenses associated with producing one BTC, including electricity, hardware, and operational costs.

Related Reading: ETF Boom! Market Set To Explode To $35 Trillion By 2035 – Analyst

As highlighted by Ali Martinez in a post on X, every significant increase in BTC’s average mining cost is usually followed by a corresponding increase in the coin’s market value. With this historical context, the latest increase in the average mining cost suggests that a price increase could be on the horizon for Bitcoin.

#Bitcoin's average mining cost is currently at $86,668.

And guess what? Historically, $BTC always surges above its average mining cost! pic.twitter.com/S3UkwgvS3N

— Ali (@ali_charts) June 15, 2024

As of this writing, the price of Bitcoin continues to hover around the $66,000 mark, with no significant change in the past day. According to CoinGecko data, the premier cryptocurrency is down by nearly 5% in the past week.

Bitcoin

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Barron’s, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Opeyemi Sule

Opeyemi Sule

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Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.

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