Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
Bitcoin (BTC) may still have room to run, as recent Binance taker data points to another short-term bullish setup for the leading cryptocurrency. Notably, BTC has surged 23.8% over the past month and is currently trading about 4% below its all-time high (ATH).
Another Bitcoin Breakout On The Horizon?
In a recent CryptoQuant Quicktake post, analyst Crazzyblockk suggested that Bitcoin could be poised for another rally based on the custom Binance Taker Buy-Sell Ratio Momentum Signal. The analyst shared multiple indicators that suggest BTC may soon break through its previous ATH.
Source: CryptoQuant
The first key insight is that both weekly and monthly buy-side taker volumes have seen a significant uptick. This spike signals aggressive buying behavior from market participants willing to execute trades at market price, often a strong sign of growing demand.
Related Reading: Bitcoin Poised For $120,000 Rally As Wyckoff Accumulation Hits Final Phase, Analyst Says
For the uninitiated, the buy-sell taker volume refers to the amount of BTC bought or sold by takers – traders who place market orders that are immediately matched with existing limit orders. A higher buy-side taker volume indicates aggressive buying behavior, often signaling bullish market sentiment.
Another critical metric is Bitcoin’s 30-day Z-score, which is currently hovering around 1. This indicates neutral market behavior – well below the overheated threshold of 3 – suggesting that buyer dominance is sustainable and not yet stretched thin.
To explain, Bitcoin’s 30-day Z-score measures how far the current value of a metric – like trading volume or price – deviates from its 30-day average, in terms of standard deviations. A Z-score around 0–1 indicates neutral or typical activity, while values above 3 suggest an overheated or extreme market condition.
The analyst also pointed out that BTC’s weekly price volatility is at its lowest in months. Historically, such low-volatility periods tend to precede significant price movements. Given the current buy-side dominance, the likely breakout direction appears to be upward.
Finally, Crazzyblockk stated that the intraday taker buy-sell imbalance is currently favoring buyers. The CryptoQuant contributor added:
Despite total volume being matched between bids and asks, aggressive taker behavior is skewed toward buys, signaling a clear dominance in execution intent. This imbalance is key for short-term momentum.
In summary, taker behavior data on Binance clearly shows bulls are in control. As long as this pattern holds, a short-term upside continuation remains the most probable scenario.
Analysts Share BTC Targets
As Bitcoin inches closer to its January ATH of $108,786, crypto analysts are weighing in with new cycle targets. For instance, Ali Martinez recently identified $116,900 as the next major resistance zone for BTC.
Meanwhile, on-chain analyst Burak Kesmeci believes BTC could rally as high as $159,000 in this ongoing bull cycle. At press time, BTC is trading at $104,611, up 1.1% over the past 24 hours.
BTC trades at $104,611 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, charts from CryptoQuant and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.