Bitcoin's Taker Buy/Sell Ratio Surges to 1.02, Indicating Bullish Momentum

Bitcoin's momentum is once again on the rise as aggressive buying returns to the market. The Taker Buy/Sell Ratio has surged to 1.02, a level not seen since prior to several historic breakouts, indicating growing conviction among market participants. This ratio has historically been linked to significant price movements in Bitcoin, with similar spikes recorded near the $15K-$20K accumulation zone in late 2022 and just before the $30K breakout in October 2023.

On-chain data reveals that large wallets are ramping up accumulation, positioning themselves ahead of what many speculate could be a final push toward new all-time highs. However, while overall accumulation trends remain bullish, there is a subtle shift in behavior among ultra-large whales holding over 10,000 BTC. These whales have cooled their buying activity, returning to a neutral accumulation score around 0.5. In contrast, mid-sized cohorts—wallets holding between 1,000 and 10,000 BTC—remain active buyers, with scores near 0.9. Even smaller, institutional-sized wallets show continued strength, while retail investors continue to distribute their holdings.

Despite the bullish momentum, Bitcoin shows signs of exhaustion. BTC traded just above $103,800 at press time after multiple failed attempts to clear $105K. While daily candles show consolidation, indicators suggested mixed signals. The Relative Strength Index (RSI) at 70.68 confirmed overbought conditions, often a precursor to local tops or minor corrections. The Moving Average Convergence Divergence (MACD) remained bullish, with the MACD line above the signal line. However, momentum was flattening, reflecting cooling buying pressure. Price remains range-bound despite earlier surges, hinting at potential exhaustion. If BTC fails to break convincingly above $105K, a short-term pullback to $100K or lower support zones remains in play before any sustained breakout attempt.

In summary, while aggressive buying and accumulation by mid-sized wallets suggest a potential rally to new highs, the cooling activity of ultra-large whales and mixed technical indicators point to a cautious outlook. The next leg of the rally may depend on Bitcoin's ability to break above $105K, with a failure to do so potentially leading to a short-term pullback.