Bitcoin (BTC) May Approach $100,000 as Exchange Inflows Reach 7-Year Low, Indicating Stronger Demand
The post Bitcoin (BTC) May Approach $100,000 as Exchange Inflows Reach 7-Year Low, Indicating Stronger Demand appeared on BitcoinEthereumNews.com. Bitcoin (BTC) is on track to hit $100,000 as exchange inflows drop to a 7-year low, signaling reduced sell-side pressure. Unique wallet addresses sending BTC to exchanges have fallen by over 60% in the past month, strengthening bullish market sentiment. On-chain data, including the rising Taker Buy Sell Ratio on Binance, and technical indicators like the Elder-Ray Index, point to growing demand and upward momentum. Bitcoin’s surge past $95,000 indicates a market poised for $100,000, driven by dwindling supply and escalating demand. BTC Poised for Further Gains Amid Low Sell-Offs and Rising Demand According to on-chain data from CryptoQuant, the number of unique wallet addresses sending BTC to exchanges has dropped to its lowest level since 2017. This currently sits at 19,282 addresses, falling by over 60% over the past month. This metric, commonly interpreted as a measure of sell-side pressure, suggests that fewer investors are looking to offload their holdings, reinforcing the current bullish sentiment in the BTC market. Historically, low exchange inflows like this have aligned with periods of strong price performance. Reduced selling activity tightens the coin’s supply on trading platforms, driving up BTC’s value. Moreover, the spike in BTC’s Taker Buy Sell Ratio on leading cryptocurrency exchange Binance adds to this bullish narrative. In a new report, CryptoQuant analyst Amr Taha noted, “the most recent data point shows a sharp increase to 1.142, the highest level in this range.” This metric measures the ratio of buy orders executed against sell orders in the futures market. A taker buy-sell ratio below one indicates that more sell orders are being executed, suggesting a shift in market sentiment from bullish to bearish. When this ratio is above one, there are more buy orders than sell orders. This indicates that more market participants are aggressively buying BTC rather than selling…
The post Bitcoin (BTC) May Approach $100,000 as Exchange Inflows Reach 7-Year Low, Indicating Stronger Demand appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) is on track to hit $100,000 as exchange inflows drop to a 7-year low, signaling reduced sell-side pressure. Unique wallet addresses sending BTC to exchanges have fallen by over 60% in the past month, strengthening bullish market sentiment. On-chain data, including the rising Taker Buy Sell Ratio on Binance, and technical indicators like the Elder-Ray Index, point to growing demand and upward momentum. Bitcoin’s surge past $95,000 indicates a market poised for $100,000, driven by dwindling supply and escalating demand. BTC Poised for Further Gains Amid Low Sell-Offs and Rising Demand According to on-chain data from CryptoQuant, the number of unique wallet addresses sending BTC to exchanges has dropped to its lowest level since 2017. This currently sits at 19,282 addresses, falling by over 60% over the past month. This metric, commonly interpreted as a measure of sell-side pressure, suggests that fewer investors are looking to offload their holdings, reinforcing the current bullish sentiment in the BTC market. Historically, low exchange inflows like this have aligned with periods of strong price performance. Reduced selling activity tightens the coin’s supply on trading platforms, driving up BTC’s value. Moreover, the spike in BTC’s Taker Buy Sell Ratio on leading cryptocurrency exchange Binance adds to this bullish narrative. In a new report, CryptoQuant analyst Amr Taha noted, “the most recent data point shows a sharp increase to 1.142, the highest level in this range.” This metric measures the ratio of buy orders executed against sell orders in the futures market. A taker buy-sell ratio below one indicates that more sell orders are being executed, suggesting a shift in market sentiment from bullish to bearish. When this ratio is above one, there are more buy orders than sell orders. This indicates that more market participants are aggressively buying BTC rather than selling…
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