- Bitcoin could soon skyrocket as buyers are taking over, claims an analyst.
- The Bitcoin Taker Buy-Sell Ratio has confirmed a reversal as buyers take over.
- A breakout above $100K-$105K could confirm a bullish outbreak for Bitcoin.
Bitcoin could be headed for massive gains as key indicators highlight the chances of a new all-time highs real soon.
Analyst “ShayanBTC” posted a note on CryptoQuant, highlighting a Taker Buy-Sell Ratio Reversal showing buyers are pushing back to take over control from the bears.
Buyer Domination Signal
The Bitcoin Taker Buy-Sell Ratio measures how aggressive market participants are acting by analyzing whether buyers or sellers are dominating futures market orders. A ratio above 1 signals that buyers are dominating the orderbook, while a ratio below 1 indicates that sellers are in control.
According to ShayanBTC, the 14-day moving average of the Taker Buy-Sell Ratio showed a bullish reversal right after a decline. This suggests that buyers are regaining control, which could fuel a bullish rally if the trend keeps up. The analyst noted that BTC “has left investors questioning why the market can’t keep its upward momentum going.”
Lately, Bitcoin has failed to reclaim $100,000 because a major resistance is hanging around the 20-day EMA at $98,500.
Bitcoin Price Faces Big Hurdles on the Climb to New Highs
At the moment, BTC trades at $96,180.62, having dropped around 2% in the past day. Still, BTC’s dominance remains very high, at 60.3%, which isn’t great news for the performance of Ether (ETH) and altcoins.
Related: BTC Could Easily Reach $150K As OTC Supply Nears Depletion – Analyst
Looking closely at the Fibonacci Extension on the daily chart below, Bitcoin faces massive resistance levels between $100,000-$105,000. A breakout above this range would confirm strong bullish momentum and potentially drive BTC to new all-time highs. Meanwhile, on the downside, the key support levels are at $87,348 (fib. 1.618), $75,538 (fib. 2.618), and $63,728 (fib. 3.618).
Related: Bitcoin ‘Diamond Hands’? BTC Holds $97K as Whales Dump at 3AC Levels
MACD (Moving Average Convergence Divergence) indicator is currently bearish but showing early signs of a potential reversal as selling pressure weakens. The MACD line (blue) has started to move in the direction of the signal line (red), suggesting pretty good chances of a bullish divergence.
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