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Bitcoin

CryptoQuant Analyst Thinks Bitcoin Will See A “Significant Pullback” Soon

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

A CryptoQuant analyst believes a significant pullback for Bitcoin could be inevitable based on the net taker volume indicator data.

Bitcoin Net Taker Volume Has Plunged Into Negative Zone Recently

As CryptoQuant Netherlands community manager Maartunn explained in a post on X, the BTC net taker volume has recently turned red. The “net taker volume” refers to a metric that keeps track of the difference between the taker buy and taker sell volumes of Bitcoin on the futures market.

When the value of this metric is positive, it means that the taker buy volume exceeds the taker sell volume right now. Such a trend implies a bullish mentality is dominant among the investors currently.

Related Reading: This Bitcoin Rally Is Different From Last Two, Glassnode Explains Why

On the other hand, negative values suggest the majority shares a bearish sentiment, as the selling pressure in the sector appears to be higher at the moment.

Now, here is a chart that shows the trend in the 30-day moving average (MA) Bitcoin net taker volume over the past couple of years:

Bitcoin Net Taker Volume

The 30-day MA value of the metric seems to have turned red recently | Source: @JA_Maartun on X

As displayed in the above graph, the 30-day MA Bitcoin net taker volume was highly positive when the latest rally first occurred. This naturally suggests that a high amount of buying pressure was present in the sector.

The chart shows that such indicator values also accompanied many other surges in the cryptocurrency during the past couple of years. Still, as soon as the metric dropped, the price hit a local top.

Recently, the earlier significantly positive 30-day MA net taker volumes started disappearing, and now, the indicator has taken on a negative shade. This could be bad news for Bitcoin, as previous periods where taker sellers assumed command led to the asset observing notable bearish momentum.

Some exceptions have been to this, like the net taker volume briefly turned negative when this rally kicked off. However, these instances have had the market leaning towards the other side to a very minimal degree, which isn’t the case this time.

Related Reading: Ethereum Active Addresses Spike, What Does It Mean?

The indicator has only just turned negative, so it certainly doesn’t have the duration on its side yet, but the level it has plunged to is quite sizeable. “A significant pullback is inevitably on the horizon,” warns Maartunn.

In some other news, the Bitcoin short-term holders (investors holding since less than 155 days ago) transferred a large volume towards exchanges yesterday, as analyst James V. Straten has pointed out.

Bitcoin Short-Term Holder Selloff

The data for the transfer volume going from the STH wallets to exchanges | Source: @jimmyvs24 on X

Investors usually transfer to these platforms for selling purposes so that these deposits could have been a sign of a selloff in the market. The short-term holders transferred $1.5 billion to exchanges yesterday, making it the fifth biggest selloff of the year.

BTC Price

At the time of writing, Bitcoin is trading at around $36,600, up 1% in the past week.

Bitcoin Price Chart

Looks like BTC has been mostly stuck in consolidation recently | Source: BTCUSD on TradingView
Featured image from engin akyurt on Unsplash.com, charts from TradingView.com, Glassnode.com, CryptoQuant.com
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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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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