Bitcoin’s positive market sentiment is beginning to build momentum as data indicates buyers are beginning to take over volumes on Binance.
Positive feelings about Bitcoin might be coming back, as a key number from Binance, the biggest crypto exchange by trade volume, shows that buyers are beginning to take over most of the trading activity.
The Binance Buy-to-Sell activity ratio, which determines the ratio of buyers to sellers of Bitcoin in Binance, “has moved back to a balanced level,” CryptoQuant supporter DarkFost stated in an April 15 report.
Bitcoin Regains Upward Momentum
The ratio presently holds at 1.008. When the ratio is above 1, it means buyers are in control, which is often seen as a sign of positive market sentiment. On the other hand, a ratio below 1 shows that sellers are dominating, indicating negative market sentiment.
According to CoinMarketCap data, at the time of reporting, Bitcoin is trading at $83,810, dipping 1.47% in the last seven days.
“In the last few days, the ratio has been mainly positive, indicating that the Binance derivatives market is seeing a resurgence of bullish sentiment,” Darkfost said. On April 14, when Bitcoin was priced above $86,000, the ratio was higher than 1.1.
According to CoinGlass data, if Bitcoin recovers $85,000, approx $637 million in short positions may be at risk of being forced out. Most of the important market signals show that investors still prefer Bitcoin over other cryptocurrencies.
CoinMarketCap’s Altcoin Season Index is presently at 15 out of 100, meaning it is still mostly “Bitcoin Season.” TradingView’s Bitcoin Dominance Chart shows Bitcoin’s market share is at 63.81%, which has increased by 9.82% this year.
Generally, crypto market members are still looking uncertain. The Crypto Fear & Greed Index indicates the general market mood on April 16 is “scared” with a score of 29 out of 100.
Some experts, like DeFiDaniel, said that Bitcoin’s recent price movements are “very dull.”
On the other hand, Cointelegraph previously reported that Bitcoin’s demand seems to be recovering, but it has not fully improved yet. In the past, Bitcoin’s demand has stayed flat for a long time after hitting a low point, causing its price to move in a sideways pattern.
Experts have different points of view concerning Bitcoin’s upcoming movement.
Real Vision chief crypto expert Jamie Coutts said to Cointelegraph at the end of March that the market might not realise how fast Bitcoin could rise, it could even reach new record highs before the second quarter ends.
AnchorWatch CEO Rob Hamilton mentioned in an April 15 X post that Bitcoin’s price is staying the same because there is a big battle between people selling Bitcoin to pay their taxes and others buying Bitcoin with their tax refunds. The US tax deadline was April 15.
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