A key market measure on Binance has changed back to neutral, which suggests that Bitcoin’s bullish mood is returning after a period of uncertainty. Even though the cryptocurrency’s price has been going down a little lately, it seems to be starting to rise again and some experts are sure that Bitcoin could be about to make another big jump.
Neutral Bullish Sentiment
Binance’s Taker Buy Sell Ratio, a key market measure, has recently returned to neutrality. This ratio shows how many buyers and sellers there are on Binance, the world’s biggest cryptocurrency exchange by trade volume. If the percentage is above 1, buyers control the market, which is a strong sign of optimism. The ratio is now at 1.008, showing a change in buyers after sellers were in charge.
Bitcoin’s Small Drop
Now, Bitcoin is worth $83,810, which is a small drop of 1.47% over the last week. But the mood in the market is changing. New data from Binance’s swaps market shows buyers are now in the lead. Many traders and experts see this as a good sign, especially since the ratio went above 1.1 on April 14, when Bitcoin was worth over $86,000.
Other Coins Stay out of the way
Altcoins are still not as popular as Bitcoin, which is becoming increasingly popular. The CoinMarketCap Altcoin Season Index is currently at 15 out of 100, which means it is still very much “Bitcoin Season.” BTC’s market share has grown by almost 10% this year, to 63.81%, showing that this trend is still going strong.
Tax Season and Uncertainty
Even though the numbers are good, the general mood in the market is still cautious. Crypto Fear & Greed Index scores 29 out of 100, indicating “Fear,” in the cryptocurrency market. Due to recent Bitcoin price swings, individuals are still sceptical. Analysts say Bitcoin’s price has been “boring” sometimes, with trade going in and out of the black.
Conclusion
Bitcoin’s recent performance has been average, but a change in Binance’s market measures indicates a possible breakout. Analysts say that over $637 million in short positions could be liquidated if the critical $85,000 level is returned.
