Crypto Blog
After a decisive breakout above the 100 and 200-day moving averages last week, the price retraced and formed a pullback to confirm the breakout, restoring confidence.
Accordingly, the price returned to the moving averages, completing a pullback and gaining momentum, driving Bitcoin towards the significant resistance area of $31K, which also aligns with the cryptocurrency’s yearly high. Nonetheless, if buyers manage to overpower sellers, a sudden breakout could occur, potentially leading to the liquidation of numerous short positions.
The chart below illustrates the 30-day moving average of the Bitcoin Taker Buy-Sell ratio, a vital metric for evaluating sentiment in the futures market. This metric helps determine whether buyers or sellers are executing more aggressive orders.