Key takeout
What does Bitcoin’s decline in taker purchase suggest?
It shows weak demand and increased attention among buyers, putting a risk of reversal of trends.
Which groups are pushing for Bitcoin sales pressure?
Sharks and retailers are leading divestment, increasing the weakness of the market.
Since staging the comeback 4 days ago, Bitcoin [BTC] It shows a promising upward movement, reaching a weekly high of $114,800.
In fact, at the time of writing, Bitcoin was trading at $113,541 after a 1.16% increase in the last 24 hours.
Despite the recent market recovery, Bitcoin still shows considerable weakness on the demand side.
Bitcoin Taker Purchase Volume 2024 Lowest Price
According to Cryptoquant, Bitcoin’s Taker Buy volume has become popular for the 10th straight month, reaching the lowest level seen in early 2024.
Source: Cryptoquant
Such a sustained decline usually involves weak demand and careful attention among buyers. The decline is particularly pronounced in binance, highlighting the lack of confidence among traders and increasing sales pressure.
Sales activity has increased significantly. According to Axel Adler, Bitcoin’s SOPR has consistently failed to exceed 1.
When SOPR exceeds 1, Breakeven Holders is profitable, causing profits and amplifies sales pressure.
Source: Cryptoquant
Reversal of current trends is at risk as sellers operate in the market while purchasing pressure is low.
Historically, such a significant decline in buyer advantage has preceded a change in market momentum. Therefore, BTC risks the drop or enters another long-term integration.
But who sells it?
In particular, Ambcrypto noted that rising sales pressures are primarily caused by sharks and retailers.
Whales and mega whales have recently recorded more spills than influx, while sharks have sold more.
According to CheckOnchain, replacing shark balance changes remains positive despite a decline in the overall market.
Source: CheckonChain
At press time, the change in exchange balance for this cohort is 109k BTC, indicating more exchange deposits than withdrawals.
Retailers also show similar market behavior. According to CheckonChain, changes in retailer balances remained largely negative throughout September.
Source: CheckonChain
At the time of pressing, the wallet cohort showed significant outflow: changes in fish balance were -7.9k BTC, crab -3.9k BTC, and shrimp -1.7K BTC.
Historically, sustained sales from these groups have shown an increase in downward pressure, often serving as a precursor to further price drops.
What’s next for BTC?
According to Ambcrypto, Bitcoin is facing two important warning signs. Buyers are pulling back, but sellers are growing more aggressively.
This dynamic places BTC at critical times. This can be followed by a sudden decrease or extended lateral movement. If sales pressures intensify, Bitcoin could erase recent profits and drop to $111,054.
However, if current conditions persist, BTC can maintain the range between $111,000 and $114,000 over a long period of time.
To get out of this range and see a sustained uptrend, buyers will need to push BTC over $114K and secure close to $115,000.