Bitcoin surged above $70,000 in the last day, despite a negative net taker volume for the asset.
Bitcoin’s Net Taker volume has seen some large negative spikes recently
Maartunn is the community manager for CryptoQuant Netherlands. post Recently, the Bitcoin Nettaker Volume has shown a spike in sales that is much larger than ever before.
The “Net Taker VolumeThis indicator keeps track the difference in the Bitcoin buyer buy and seller sell volume for perpetual swaps. Why can there be a difference between the buy and sell volumes? CryptoQuant’s data guide explains:
The concept can be confusing, as every transaction requires both buyers and sellers of an underlying asset. You can differentiate between taker-seller volume and long volume depending on whether an order taker acts as a seller or buyer (i.e., whether a trade occurs at the asking price or bid price).
If this value is positive, then the volume of takers buying is currently greater than the volume of takers selling. A positive trend suggests that the market is bullish.
A negative indicator indicates that more people are prepared to lower the price of the coin, an indication that the bearish attitude is dominant.
Here is the chart showing the Bitcoin Nettaker Volume trend over the last year.
Recent days have seen a significant increase in the red value of this metric | Source: @JA_Maartun on X
According to the graph shown above, Bitcoin Net Taker Volumn has registered a recent sharp decline, which implies that taker sell volumes have been greater than taker buy volumes.
As the analyst has shown in the graph, the Net Taker volume is experiencing some red spikes. “Bitcoin is being hammered down massively, with selling spikes on the Net Taker Volume significantly heavier than before,” says Maartunn.
It is interesting to note that despite the current bearish mood in the markets, Bitcoin has held up fairly well. While the bullish trend of the Bitcoin price has waned, these spikes in negative Net Taker volumes have gained momentum. drawdowns It is impressive.
It’s possible to discern a pattern in this chart. Although the net taker volume has shown red spikes for some time, the scale of these has steadily decreased.
It is therefore possible, that if this current trend continues, the mentality of a bear will end and buyers will begin to dominate Bitcoin. The indicator’s development will be closely monitored.
BTC Price
Bitcoin fell below $68,000 only yesterday. Today, it has bounced right back up and now trades around $70.800.
The price of coin seems to have recovered in the last 24 hours. Source:| Source: BTCUSD on TradingView
Chart from TradingView.com. Image by JievaniWeerasinghe. Unsplash.com.
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