Bitcoin Heading Towards $100,000: Trend Analysis and Market Sentiment
The latest on-chain data shows that the number of unique wallet addresses sending BTC to exchanges has dropped by more than 60% in the past month to its lowest level since 2017.
This decline indicates easing selling pressure, which could strengthen the bullish sentiment in the cryptocurrency market.
Binance Buy-Sell Taker Ratio Increases
According to information we quoted from Beincrypto media, the spike in Binance’s BTC Buy-Sell Taker Ratio adds to this bullish narrative. The latest data shows a sharp increase to 1,142, the highest level in this range.
This metric measures the ratio of executed buy orders to sell orders in the futures market.
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Technical Indicators Support Upward Momentum
Technical indicators such as the Elder-Ray Index also show increasing demand and upward momentum.
The combination of these indicators gives a signal that BTC has the potential to continue its rally towards US$100,000.
Conclusion: BTC Ready to Break Through Psychological Barrier
With reduced selling pressure, increasing demand, and supportive technical indicators, BTC shows readiness to break through the psychological barrier of US$100,000 in the near future.
