On-chain data reveals a notable surge in the Bitcoin taker buy/sell ratio on a specific crypto exchange. This development could influence the premier cryptocurrency's price.

Bitcoin Investors Buying the Dip

Prominent crypto analyst Ali Martinez shared on the X platform that investors on a particular exchange are capitalizing on the recent drop in Bitcoin’s price. The taker buy/sell ratio, which compares the volume of taker buys to taker sells, is the key indicator here.

When this ratio is above 1, it means the taker buy volume exceeds the taker sell volume, indicating traders are willing to buy at higher prices. Conversely, a ratio below 1 suggests higher sell volumes, with more sellers willing to sell at lower prices.

According to CryptoQuant data, the Bitcoin taker buy/sell ratio on the HTX Exchange (formerly Huobi) surged above 545 on Saturday, indicating a significant increase in buying pressure and a shift in investor sentiment. Martinez noted that this spike could signal an upcoming rise in Bitcoin’s price, following its recent fall to $65,000.

However, it's important to note that the average taker buy/sell ratio across all exchanges remains below 1, currently around 0.8.

Bitcoin’s Average Mining Cost

Recent data shows that Bitcoin’s average mining cost has risen to $86,668, encompassing expenses like electricity, hardware, and operational costs. Historically, as highlighted by Ali Martinez, increases in Bitcoin’s average mining cost often precede corresponding rises in its market value. This suggests a potential price increase for Bitcoin.

Currently, Bitcoin is trading around $66,000, with no significant change in the past day and a near 5% decline over the past week, according to CoinGecko.