Bitcoin Buyers Dominate Binance Volumes as Ratio Hits 1.008

Bitcoin bulls are showing signs of returning as a key metric from Binance, the largest crypto exchange by trading volume, indicates that buyers are starting to dominate the platform’s volumes. The Binance Taker Buy Sell Ratio, which calculates the ratio of buyers to sellers of Bitcoin (BTC) on Binance, has returned to neutral territory, according to a note by CryptoQuant contributor DarkFost on April 15. The ratio currently stands at 1.008, suggesting that buyers are dominating volumes, which is typically seen as a bullish sentiment indicator. Conversely, a ratio below 1 would indicate that sellers, or bearish sentiment, are dominating.

Bitcoin is currently trading at $83,810, down 1.47% over the past seven days. Over the past few days, the ratio has been mostly positive, suggesting that bullish sentiment is picking up again on Binance’s derivatives market. On April 14, when Bitcoin was above $86,000, the ratio was above 1.1. This indicates a growing interest in Bitcoin among buyers, which could potentially drive the price higher.

Several key market indicators suggest that investors continue to favor Bitcoin over altcoins. CoinMarketCap’s Altcoin Season Index is currently at 15 out of 100, signaling that it is still very much “Bitcoin Season.” TradingView’s Bitcoin Dominance Chart shows the asset’s market share is sitting at 63.81%, up 9.82% so far this year. This dominance indicates that investors are more confident in Bitcoin compared to other cryptocurrencies, which could further support its price.

However, overall crypto market participants are still appearing to feel hesitant. The Crypto Fear & Greed Index shows the overall market sentiment on April 16 is in “Fear” with a score of 29 out of 100. Some analysts, including DeFiDaniel, commented that Bitcoin’s recent price action is “so boring.” This sentiment reflects the cautious approach many investors are taking, despite the positive signals from the Binance Taker Buy Sell Ratio.

According to the analyst's forecast, Bitcoin’s recent price action is on a recovery path, but it is not net positive yet. Historically, 30-day apparent demand can move sideways for a prolonged period after Bitcoin reaches a local bottom, leading to its price to chop sideways. This suggests that while there are signs of recovery, the market may still be in a consolidation phase.

Analysts have differing views over where Bitcoin is going to go next. Real Vision chief crypto analyst Jamie Coutts told that “the market may be underestimating how quickly Bitcoin could surge — potentially hitting new all-time highs before Q2 is out.” This optimistic view contrasts with the current cautious sentiment in the market, highlighting the uncertainty surrounding Bitcoin’s future price movements.

AnchorWatch CEO Rob Hamilton said in an April 15 post that Bitcoin’s price “is flat for the day because we are in an epic tug of war between people who are selling Bitcoin to pay their taxes and people using their refunds to buy Bitcoin.” The tax deadline in the US was April 15. This observation suggests that external factors, such as tax deadlines, are also influencing Bitcoin’s price movements, adding another layer of complexity to the market dynamics.