Bitcoin Faces Pressure as Taker Ratio Hits Lowest Level Since Last Cycle’s Peak

Bitcoin Faces Pressure as Taker Ratio Hits Lowest Level Since Last Cycle’s Peak
Bitcoin Faces Pressure as Taker Ratio Hits Lowest Level Since Last Cycle’s Peak

Bitcoin (BTC) continues to show the signs of weakness after putting the highest new level ever earlier this month. As of today, the cryptocurrency is traded at 110,595 dollars, which reflects a decrease of 4.2 % during the past week and a 11 % decrease from its peak of $ 124,000.

The correction highlights a continuous struggle for momentum even with the emergence of the wider market conditions. This decrease drew the attention of analysts who examine the main standards on the chain and trade.

One of these measures is the percentage of Taker Buy, which indicates a decrease in confidence among merchants. according to Data From Cryptoquant, this percentage decreased to levels that have not been seen since late 2021, raising questions about whether the last Bitcoin levels could last without stronger demand.

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Bitcoin Taker’s sale indicates a shift in market dynamics

The contributor to Cryptoquant Gaah explained that the Taker’s sale rate in Bitcoin for 30 days has decreased to its lowest level since November 2021, a period that coincided with the peak of the previous session near $ 69,000 before a long shrinkage.

The percentage tracks the balance between purchase orders and aggressive sale of market prices. The value above reflects 1 stronger purchase, while reading below indicates a more active sale.

Bitcoin’s Taker Buy Rate. | Source: Cryptoquant

Currently, the percentage is less than the historical average, indicating that the sale activity has been constantly outperformed in recent weeks. This is noticeable because it closely follows the establishment of high levels of bitcoin, which reveals the difference between price performance and trading morale.

Jah argued that such behavior often indicates caution among investors who may book profits or reduce exposure to risk management.

“The similarity should not be overlooked with November 2021,” the analyst pointed out. “Even with bitcoin rising up at the time, the basic market morale was deteriorating, which eventually preceded a sharp correction.”

GAAH added that the current data indicates that although bitcoin is still in a wider upward stage, the defect between buyers and sellers can make increasing fluctuations in the coming weeks.

The analyst sees mixed signals in the artistic structure

Besides the scales on the chain, technician analysts also weigh the current price of Bitcoin. An analyst in the market known as Crypto Nova suggested that despite the recent weakness, the general upward trend is still intact.

in mail In X, the analyst highlighted that Bitcoin has formed its lowest levels since its recovery began from a decrease of about 15,000 dollars in late 2022, thus maintaining a long -term bullish style.

Nova indicated between 50,000 – 70,000 dollars earlier in the session as an example at a level that many believes distinguish the top, but eventually gave the way to achieve more gains.

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The analyst noted that the same uncertainty applies to the market today, as the corrections do not necessarily confirm the peak of the cycle. “At least, BTC should see a reversal of the current levels,” Nova said, while also admitting that the resistance is still strong in higher price areas.

The combination of weak Taker and cautious technical proportions indicates that the Bitcoin path may enter a decisive stage. If the pressure pressure continues, the original may face deeper corrections, but constant support near $ 110,000 may also provide a base for renewable momentum.

Bitcoin (BTC) price scheme on TradingView
The price of BTC moves down on the graph for two hours. Source: BTC/USDT on Tradingvief.com

A distinctive image created with Dall-E, the tradingView chart

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