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Despite the more than 3% decline that Bitcoin (BTC) witnessed within the last seven days, bullish data have emerged that might signal the next outlook for the coin. According to an insight shared by Maartunn, a notable CryptoQuant Analyst on X, Bitcoin traders are buying the asset more aggressively.
Bybit users in aggressive market accumulation
Notably, Maartunn spotted that the "taker buy sell ratio" of Bitcoin has hit 11.14 on the Bybit exchange. For perspective, "takers" in crypto refer to traders who buy or sell market orders immediately at the existing price.
Hence, with the taker buy-sell ratio at 11.14, it implies that there is more buying than selling currently happening on Bybit. It indicates that for every one unit of aggressive selling on the Bitcoin market, there are 11.14 aggressive buying.
This suggests bullish behavior as buyers are dominating the market. It indicates that more investors are accumulating the asset than those selling. This development occurs when traders are anticipating a price breakout, so they decide to buy before a massive price uptick occurs.
If the current buying pressure spreads and is sustained, the coin is likely to record a huge breakout. It remains to be seen if this potential surge could support Bitcoin to flip its all-time high of $123,091, set about three weeks ago.
Veteran trader urges investors to "just buy Bitcoin"
As of press time, Bitcoin is changing hands at $114,907.33, which represents a 0.47% increase in the last 24 hours. The coin had previously hit a peak of $115,729 before the slight correction, as a result of market volatility.
Meanwhile, its volume has gained a significant 15.11% at $57.13 billion. This reflects the current setup seen on Bybit.
Interestingly, Peter Brandt, the veteran trader, has urged new traders to avoid the daily noise and "just buy Bitcoin." According to the legendary trader, rather than engage in trading, investors are better off investing their funds in Bitcoin.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team