Bitcoin (BTC) may still have room to run, as recent Binance Taker data points to another short-term bullish setting for leading cryptocurrencies. It is worth noting that BTC has soared 23.8% over the past month, with current trading being about 4% lower (ATH).
Is there another Bitcoin breakthrough on the horizon?
In a recent crypto-fast post, analyst Crazzyblockk suggested that Bitcoin could conduct another rally based on a custom binaries acquisition ratio momentum signal. Analysts share multiple metrics that suggest BTC may soon break through its Previous Ath.
The first key insight is that weekly and monthly buyer sales have caused a significant increase. This spike marks the active buying behavior of market participants willing to execute transactions at market prices, often a strong sign of growing demand.
Related Reading: Bitcoin prepares for $120,000 as Wyckoff accumulates into its final stage, analysts say.
For beginners, the number of buyers and sellers refers to the number of BTC purchased or sold by the follower – a market order that the trader places immediately to match the existing limit order. Higher buyer and seller volumes indicate positive buying behavior, which usually indicates bullish market sentiment.
Another key indicator is Bitcoin’s 30-day Z score, currently hovering at 1. This indicates neutral market behavior – well below 3 thresholds 3 – which indicates that buyer’s advantage is sustainable and has not been extended yet.
To explain, Bitcoin’s 30-day Z-score measures the deviation of the standard’s current value (such as transaction volume or price) from the standard deviation. Z scores around 0-1 indicate neutral or typical activity, while values above 3 indicate overheating or extreme market conditions.
The analyst also noted that BTC’s weekly price volatility was the lowest in several months. Historically, such low volatility periods are often before major price changes. Given the current buying dominance, the possible breakout direction seems to be upward.
Finally, Crazzyblockk said the imbalance in intraday buyers’ purchases is currently beneficial to buyers. Crypto Contributors added:
Despite the total amount matching between bids and inquiry, aggressive behavior tends to buy, indicating a clear advantage in execution intentions. This imbalance is the key to short-term momentum.
In summary, Tonas’ attacker behavior data clearly show that the bullhead is in control. As long as this model is true, short-term upward continuation is still the most likely situation.
Analysts share BTC goals
As Bitcoin inches approaches $108,786 for its January ATH, crypto analysts are catching up with new cycle goals. For example, Ali Martinez Sure $116,900 as the next major resistance zone for BTC.
Meanwhile, Chain Chain analyst Burak Kesmeci believe In this ongoing bull cycle, BTC could be as high as $159,000. At press time, BTC traded at $104,611, up 1.1% over the past 24 hours.
Featured images from Unsplash.com, charts from CryptoQuant and TradingView.com
Editing process For Bitcoin experts, focus on thorough research, accurate and impartial content. We adhere to strict procurement standards and each page is diligently evaluated by our top technical experts and experienced editorial team. This process ensures the integrity, relevance and value of our content to our readers.
