Grizzly
The market is waiting for an increase in demand
The Taker Buy/Sell Ratio examines the prevailing sentiments on the derivative market. The index rises above 1 when more buyers are willing to buy coins at a higher price indicating that buying pressure is stronger than the selling pressure. However, this is insufficient to offer an optimistic insight. By adding the 14-day moving average, two notable levels appear in the chart, that have closely tracked takers behaviour over the previous two years: 1.03 (in green) and 0.97 (in red). Bitcoin has had a bullish rally whenever the indicator has reached 1.03. Alternatively, when it has slipped below the red line, the price has plummeted as more sell orders are filled. The index is now fluctuating around 1 and, unlike previous patterns, these swings have no discernible direction. The index has been unable to obtain the requisite momentum above/below 1 since August 2022. We cannot anticipate Bitcoin to move much as long as confidence - and subsequently demand - does not return to the market.