Bitcoin Breakout Imminent? Binance Taker Activity Suggests Bullish Continuation

Source Bitcoinist

Bitcoin (BTC) may still have room to run, as recent Binance taker data points to another short-term bullish setup for the leading cryptocurrency. Notably, BTC has surged 23.8% over the past month and is currently trading about 4% below its all-time high (ATH).

Another Bitcoin Breakout On The Horizon?

In a recent CryptoQuant Quicktake post, analyst Crazzyblockk suggested that Bitcoin could be poised for another rally based on the custom Binance Taker Buy-Sell Ratio Momentum Signal. The analyst shared multiple indicators that suggest BTC may soon break through its previous ATH.

cq2

The first key insight is that both weekly and monthly buy-side taker volumes have seen a significant uptick. This spike signals aggressive buying behavior from market participants willing to execute trades at market price, often a strong sign of growing demand.

Related Reading: Bitcoin Poised For $120,000 Rally As Wyckoff Accumulation Hits Final Phase, Analyst Says

For the uninitiated, the buy-sell taker volume refers to the amount of BTC bought or sold by takers – traders who place market orders that are immediately matched with existing limit orders. A higher buy-side taker volume indicates aggressive buying behavior, often signaling bullish market sentiment.

Another critical metric is Bitcoin’s 30-day Z-score, which is currently hovering around 1. This indicates neutral market behavior – well below the overheated threshold of 3 – suggesting that buyer dominance is sustainable and not yet stretched thin.

To explain, Bitcoin’s 30-day Z-score measures how far the current value of a metric – like trading volume or price – deviates from its 30-day average, in terms of standard deviations. A Z-score around 0–1 indicates neutral or typical activity, while values above 3 suggest an overheated or extreme market condition.

The analyst also pointed out that BTC’s weekly price volatility is at its lowest in months. Historically, such low-volatility periods tend to precede significant price movements. Given the current buy-side dominance, the likely breakout direction appears to be upward.

Finally, Crazzyblockk stated that the intraday taker buy-sell imbalance is currently favoring buyers. The CryptoQuant contributor added:

Despite total volume being matched between bids and asks, aggressive taker behavior is skewed toward buys, signaling a clear dominance in execution intent. This imbalance is key for short-term momentum.

In summary, taker behavior data on Binance clearly shows bulls are in control. As long as this pattern holds, a short-term upside continuation remains the most probable scenario.

Analysts Share BTC Targets

As Bitcoin inches closer to its January ATH of $108,786, crypto analysts are weighing in with new cycle targets. For instance, Ali Martinez recently identified $116,900 as the next major resistance zone for BTC.

Meanwhile, on-chain analyst Burak Kesmeci believes BTC could rally as high as $159,000 in this ongoing bull cycle. At press time, BTC is trading at $104,611, up 1.1% over the past 24 hours.

bitcoin
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Ethereum (ETH) Underperforms All Top 5 Major Cryptos in Brutal 2025 DowntrendDespite signs of improving momentum, with RSI climbing and EMA lines hinting at a potential breakout, ETH continues to lag behind competitors like Solana in multiple metrics.
Author  Beincrypto
Apr 23, Wed
Despite signs of improving momentum, with RSI climbing and EMA lines hinting at a potential breakout, ETH continues to lag behind competitors like Solana in multiple metrics.
placeholder
Analysts Highlight 4 Reasons Why ETH Price Could Rebound Strongly in MayEthereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
Author  Beincrypto
May 07, Wed
Ethereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
placeholder
Ethereum Price Ready to Surge—$2,000 Level Could Be Within ReachEthereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
Author  NewsBTC
May 08, Thu
Ethereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
goTop
quote