Binance’s Bitcoin Taker Buy Volume Hits $8.3 Billion: What It Means for the Market
2024-12-27
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Bitcoin (BTC) has been struggling below the $100,000 mark despite a modest 2% surge over the past day.
However, a popular trading metric used to gauge buyer interest in Binance suggests that the cryptocurrency could revisit this crucial price level before the end of the year.Strengthening Buying Pressure on Binance
Over the past 60 days, Binance’s Bitcoin Taker Buy Volume has reached $8.3 billion and formed three higher lows, indicative of strengthening buying pressure. This metric, which measures the total volume of buy transactions executed by market participants at current order book prices, reflects increasing investor interest in Bitcoin.
According to CryptoQuant’s analysis, the rise in Taker Buy Volume on Binance has been steady despite occasional market corrections.
This growing buying pressure often correlates with potential price increases, as it indicates that buyers are actively consuming available liquidity at market prices. While the market may appear overheated, the persistence of this trend points to a possible upward price movement in the near term.
Meanwhile, Bitcoin reserves on Binance havereachedtheir lowest levels since early 2024, following a decline that started in August. This mirrors January’s low, which preceded a 90% rally in BTC’s price. Coupled with a 40,000 BTC drop in OTC desk inventories since November, this trend could potentially indicate rising demand and investor confidence ahead of a much-anticipated bullish reversal.Bitcoin’s Next Move
Bitcoin has remained below the $100,000 mark since December 19, following its initial breakthrough on December 5. With its current value hovering around $96,000, the crypto asset has dropped over 12% from its record high of $108,300 reached on December 17. However, several experts foresee a bullish breakout.
The pseudonymous “xoom,” for one, recently highlighted a bullish engulfing candle with rising volume, indicating a potential price target of $110K to $130K by January’s end, with $120K as a realistic target. Despite possible short-term volatility, the trend suggests BTC could climb to $135K or higher in the coming months.
Another pseudonymous crypto analyst, “Titan of Crypto,” said that Bitcoin’s current price action appears to be similar to the correction fractal from late 2023. Interestingly, 2024’s movements are roughly three weeks ahead in the timeline. While the analyst does not guarantee the same scenario will unfold, the similarities highlight potential bullish momentum, as the cryptocurrency may replicate its previous trajectory and break toward new highs if the pattern persists.