There is a resurgence of bullish sentiment regarding Bitcoin on Binance, supported by key metrics. Experts report an increasing dominance of buyers in the market.
Binance Metrics and Bullish Direction
According to the Binance Taker Buy Sell Ratio, the ratio of buyers to sellers of Bitcoin has returned to neutral territory. Currently, this ratio stands at 1.008. A figure above 1 indicates that buyers dominate, while a number below 1 reflects seller dominance.
Current Situation in the Bitcoin Market
At the time of publication, Bitcoin is trading at $83,810, down 1.47% over the past week. It has been noted that the buyer ratio has been mostly positive recently, suggesting a rise in interest in Bitcoin. CoinGlass data shows that if Bitcoin's price recovers to $85,000, nearly $637 million in short positions could be at risk of liquidation.
Analysts' Opinions and Predictions
Analysts have diverse views on Bitcoin's future direction. Real Vision chief crypto analyst Jamie Coutts suggested that the market may be underestimating how quickly Bitcoin could rise, possibly reaching new all-time highs before the end of Q2. Meanwhile, AnchorWatch CEO Rob Hamilton pointed out that Bitcoin's price remains flat due to a tug of war between sellers cashing out for taxes and buyers utilizing their tax refunds to purchase Bitcoin.
Overall, the situation in the crypto market remains tense despite signs of bullish sentiment appearing on Binance. Analysts will continue to watch for further shifts in market trends and the interactions between buyers and sellers.
