Bitcoin price has cooled slightly as it tries to reach the highly coveted $100,000 mark after an intense bull run throughout the week. However, investors seem undeterred by the ponderous price action of the major cryptocurrency over the past few days.

Bitcoin Taker’s Buy/Sell Ratio Is Increasing – Impact on Price

In a November 23 post on the X platform, prominent cryptocurrency analyst Ali Martinez common that traders have started loading their bags with Bitcoin in recent days. This on-chain observation is based on the “taker buy/sell ratio”, which tracks the taker’s buying and selling volume for a specific cryptocurrency.

A value greater than one of the taker’s buy/sell ratio suggests that the taker’s buying volume is higher than the taker’s selling volume. This is usually considered a bullish signal that suggests investors’ willingness to pay a higher price for a particular cryptocurrency (Bitcoin in this case).

On the other hand, when the metric value is less than 1, it means that more sellers are willing to sell their assets at a lower price. This usually indicates bearish sentiment among investors as selling pressure eclipses buying pressure in a particular market.

Martinez highlighted in his post on X that Bitcoin’s buy/sell ratio on major trading platforms including Binance, OKX, HTX, and Bybit has seen a significant augment over the past day. As shown in the chart below, the indicator rose to over 28 on Binance, the world’s largest exchange.

Similarly, Bitcoin’s buy/sell ratio rose well above the threshold of 1, showing increasing buying pressure in the open market. This level of intense buying activity could ensure that the leading cryptocurrency continues its surge towards the $100,000 milestone.

At the time of writing, BTC is trading at around $97,800, reflecting a decline of 1.1% over the last 24 hours. Nevertheless, the flagship cryptocurrency’s weekly performance remains impressive. According to CoinGecko data, BTC increased by almost 8% last week.

Who buys?

In another post on the X Martinez platform revealed that a significant group of vast investors (also known as whales) have been dynamic in the Bitcoin market over the past few days. The class of whales in question are those with 100 to 1,000 coins.

According to Santiment data, whales have purchased over 40,000 BTC (equivalent to approximately $3.96 billion) in the last four days. Given their impact on market dynamics, this buying activity from Bitcoin whales could be bullish in terms of price.

Featured image from iStock, chart from TradingView