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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Bitcoin Taker Buy/Sell Volume Spikes Up As Price Experiences Volatility

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 7:43 am
3 mins read

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On-chain data shows both the Bitcoin taker buy and taker sell volumes registered large spikes over the past day as the price goes through volatility.

Bitcoin Taker Buy And Taker Sell Volumes Have Surged Up To High Values

As pointed out by an analyst in a CryptoQuant post, both the BTC taker buy and taker sell volumes hit more than $1.8 billion yesterday.

The “taker buy/sell volume” is an indicator that measures the Bitcoin long and short volumes on derivatives exchanges. The metric distinguishes between these two volumes based on whether the transaction occurs at the ask price (taker buy) or the bid price (taker sell).

When these volumes are high, it means the exchanges are receiving a large amount of orders right now. This kind of trend usually leads to higher volatility in the price of the crypto.

Related Reading: Bitcoin MVRV Ratio Is Back Below 1 As Average Holder Slips Into Loss

On the other hand, low values suggest there is little activity in the market at the moment, which can result in a more stale price action for BTC.

Now, here is a chart that shows the trend in the Bitcoin taker buy and taker sell volumes during the last couple of weeks:

Bitcoin Taker Buy And Taker Sell Volumes

The values of the two metrics seem to have shown large spikes during the past day | Source: CryptoQuant

As you can see in the above graph, the Bitcoin taker buy and taker seller volumes have seen  quite sharp increases recently.

These spikes have come just after the Federal Reserve chairman Jerome Powell delivered an interest rate warning in a speech yesterday.

Related Reading: What The Negative Bitcoin Funding Rates Say About Investor Outlook

The taker buy volume took just an hour to reach $1.8 billion, while the taker sell volume rose even higher at around $1.92 billion.

The value of Bitcoin observed a drop below the $20k level some time after this elevation in the market activity. Currently, it’s unclear whether this was it for the volatility or if the coin will continue to see more sharp price action in the near future.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.8k, down 6% in the last seven days. Over the past month, the crypto has lost 6% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like the value of the crypto has sharply declined over the last twenty-four hours | Source: BTCUSD on TradingView

After moving mostly sideways during the past week, Bitcoin seems to have broken out of the range today as the crypto has dipped below the $20k mark for the first time since the middle of July.

Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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