Despite a more than 3% decline in Bitcoin's price over the past week, new data indicates high buying interest in the market.
Bitcoin Market Overview on Bybit
According to information shared by CryptoQuant analyst Maartunn, the taker buy-sell ratio for Bitcoin on the Bybit exchange has reached a record level of 11.14. This ratio indicates that for every unit of aggressive selling, there are 11.14 units of aggressive buying.
Market Analysis and Buying Activity
The high sustained buy-sell ratio suggests that buyers dominate the market. This signifies that traders might be anticipating a price increase and are looking to purchase the asset before an expected surge.
Experts' Opinions on Bitcoin
Veteran trader Peter Brandt has advised new traders to ignore short-term market noise and 'just buy Bitcoin'. He argues that investing in Bitcoin may be a smarter approach than engaging in trading activities.
Given the current market situation and expert opinions, Bitcoin continues to attract investor interest, which may lead to significant price changes in the future.
