Data shows that Bitcoin taker net volume has recently been mostly at negative levels. Here’s what that could mean for the asset’s price.
Bitcoin taker net volume has been mostly negative over the past month
As CryptoQuant Community Manager Maartunn pointed out in an article on X, the Net Taker Volume suggests a lack of significant taker buying volume over the past month.
THE “Net volume of takers” is an indicator that tracks the difference between the Bitcoin taker’s buy and sell volumes. Naturally, both volumes measure buy and sell orders executed by takers in perpetual swaps.
When the value of this metric is positive, it means that the taker’s buying volume is currently greater than the taker’s selling volume. Such a trend implies that the majority of market shares have a bullish sentiment.
On the other hand, the indicator below the zero mark suggests the dominance of a bearish mentality in the sector, as short volume outweighs long volume.
Now here is a chart that shows the trend in Bitcoin taker net volume over the past month:
The value of the metric appears to have been negative in recent days | Source: @JA_Maartun on X
As the chart above shows, Bitcoin Net Taker Volume has only seen a few spikes into positive territory during this window, and the magnitude of those spikes hasn’t been too great either.
The indicator remained in the red zone the rest of the time, often observing significantly negative values. As such, it would appear that taker sales volume has dominated the market over the past month.
The chart shows that the only phase in this period where positive values reached a notable scale was accompanied by a rise in the price of the cryptocurrency. As such, the metric may need to turn green again if BTC is to recover.
Net taker volume hasn’t been the only bearish indicator for Bitcoin recently; it appears that the Coinbase Premium spread was also negative, as shared by CryptoQuant founder and CEO Ki Young Ju in an job.
Looks like the value of the metric has been quite red in recent weeks | Source: @ki_young_ju on X
THE Coinbase Premium Spread keeps track of the difference between Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair). The indicator value reflects how investor behavior on Coinbase differs from that on Binance.
As the chart shows, the Bitcoin Coinbase Premium Gap has recently found itself in underwater territory, suggesting that Coinbase has been under more selling pressure than Binance. This sale could be one of the reasons why the asset remained stuck consolidation lately.
BTC Price
Bitcoin is trading around $64,800, which is within the range the asset has been moving sideways for some time now.
The price of the asset seems to have been going down recently | Source: BTCUSD on TradingView
Featured image of Dall-E, CryptoQuant.com, chart from TradingView.com
