Bitcoin Bullish Sentiment Re-emerges as Key Binance Metric Stabilises

Bitcoin shows signs of returning bullish sentiment as Binance’s Taker Buy Sell Ratio shifts to neutral, currently at 1.008. Despite Bitcoin trading at $83,810 (down 1.47% weekly), market indicators show stronger buyer activity. The Altcoin Season Index remains low at 15, affirming Bitcoin’s dominance at 63.81%, while overall market sentiment remains cautious, reflected by a Crypto Fear & Greed Index rating of 29. Analysts present varied projections on Bitcoin’s near-term trajectory amid ongoing market dynamics.

Positive sentiment appears to be resurging in the Bitcoin market, as indicated by a notable metric from Binance, the largest cryptocurrency exchange by trading volume. The Binance Taker Buy Sell Ratio, which reflects the proportion of buyers to sellers for Bitcoin (BTC), has shifted back to neutral levels. According to CryptoQuant contributor DarkFost, this development signals an uptick in buying activity on the platform.

Currently, the Taker Buy Sell Ratio registers at 1.008. Ratios exceeding 1 denote a predominance of buyers, suggesting bullish sentiment, while ratios below 1 point towards sellers dominating, indicative of bearish trends. As of now, Bitcoin’s price stands at $83,810, reflecting a minor decline of 1.47% over the past week, based on CoinMarketCap data.

DarkFost noted that the ratio indicates a growing bullish sentiment, specifically in Binance’s derivatives market. This observation comes after the ratio surpassed 1.1 on April 14 when Bitcoin was trading above $86,000. CoinGlass further notes that if Bitcoin surmounts the $85,000 mark, approximately $637 million in short positions could face liquidation risk.

Market indicators reveal a clear preference for Bitcoin among investors, as evidenced by the Altcoin Season Index, which is currently at 15 out of 100, affirming that it remains “Bitcoin Season.” Additionally, TradingView’s Bitcoin Dominance Chart illustrates the asset’s market share has climbed to 63.81%, marking an increase of 9.82% this year.

Despite these indicators, participants in the crypto market seem cautious. The Crypto Fear & Greed Index rating of 29 out of 100 reflects a sentiment of “Fear” as of April 16. Some analysts, such as DeFiDaniel, have remarked on the lack of excitement surrounding Bitcoin’s price movements, labelling them as “boring.”

While there are signs of recovery in apparent Bitcoin demand, Cointelegraph highlights that the recovery trajectory is not yet definitively positive. Previously, 30-day apparent demand has a tendency to remain stable after Bitcoin reaches a local bottom, causing price fluctuations.

Diverse forecasts exist regarding Bitcoin’s future. Jamie Coutts, Real Vision’s chief crypto analyst, suggested in late March that the market might be undervaluing Bitcoin’s potential for rapid growth, possibly leading to new all-time highs before the conclusion of Q2. Furthermore, AnchorWatch CEO Rob Hamilton explained that Bitcoin’s current stable price reflects a struggle between those liquidating assets for tax payments and those reinvesting their tax refunds into Bitcoin, especially relevant given the USA tax deadline on April 15.