This revelation revolves around the BTC Taker Imbalance % metric, which tracks whether the market is dominated by aggressive buyers or sellers. Narrowing it down, this metric offers insights into taker activity on Binance.
Because the metric works by revealing the percentage difference between taker buy volume and taker sell volume, readings with positive values suggest the dominance of buyers in the market. On the contrary, negative readings reveal a seller-dominated market.
Moreover, the research firm pointed out that there has been an evident difference between the selling and buying volumes recently. The Quicktake post revealed a record of $1.517 billion in selling volume against $1.058 billion dedicated to buying power, making it clear what party is currently winning this Bitcoin price tussle.
What’s interesting is, the current seller-dominated market has caused the BTC price to continuously hover around the key $94,000 level. Arab Chain noted that each attempt by the Bitcoin price to rise has faced an even greater amount of sell resistance, dousing any serious bullish momentum.
The grey bars in the above chart suggest that this increasing bearish pressure might not just be a market correction; instead, it reflects a recurrent injection of sell-pressure, one which Arab Chain implied would eventually defeat the weaker buy-side liquidity at the current support.
If a significant amount of liquidity is not introduced to neutralize the dominance of Bitcoin’s sellers, the Bitcoin price could see an even deeper bearish correction. At press time, Bitcoin is valued at $96,241, reflecting a nearly 2% loss in the past day.
