Yesterday, Bitcoin (BTC) again confronted the rejection of the resistance level of $ 120,000 after briefly reaching $ 119,760. At the time of this report, the upper cryptocurrency is traded slightly lower at $ 118,900. However, the sharp increase in whale flows to Binance threatens to cause more negative pressure of the digital origin.
Binance whales rises bitcoin deposits
According to Cryptoquant Quicktake Post recently by Borisvest shareholder, Bitcoin whale on Binance has increased significantly in recent days. In particular, the Binance Pisces scale recorded a remarkable increase on July 25, indicating an increase in institutional participation in exchange deposits.
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On that day alone, the cumulative flow increased for 30 days to Binance by $ 1.2 billion, increasing the short -term pressure pressure across the market. Data From Coinglass explains that between July 24 and July 25, approximately $ 141 million of the long BTC jobs were ranked as a result.
It should be noted that besides this height in whale deposits, retailers have also transferred their shares to the stock exchanges. However, her participation remains relatively low compared, which suggests that the last sale pressure is often moved by the whale.
The following graph shows that although retail flows were heading up to weeks, the sudden increase in the whale deposits was introduced to an additional fragility in the bitcoin price structure.
the leap In Binance Whale, flows came before Bitcoin rejected $ 120,000. After this rejection, BTC was recovered to a range of $ 115,000-116,000, which now works as short-term support. Note the analyst:
This area now works as a short -term support area. If you fail to stick, the transition towards the level of $ 110,000 becomes increasingly possible. On the other hand, if Bitcoin managed to bounce strongly from this region, there is still a possibility to re -test 121 thousand dollars and even try the highest new level ever.
Borisvest concluded that the price path in the near -term BTC will be determined by the market absorption of whales. Meanwhile, his fellow analyst at Crypto Titan of Crypto noticed that if BTC decisively penetrate the level of 119,900 dollars, there may be new levels at all times (ATH).
What does the exchange data indicate?
Whale flows are not the only factor that revolves around investors. BTC reserves on the central stock exchanges also recently receipt One month’s height, indicating that some of the bearers may expect the phase of withdrawal or temporary unification before resuming the upper direction.
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However, the Binance share of BTC trading recently witnessed a sharp rise, suggestion This gathering may be on the horizon for the world’s leading cryptocurrency. At the time of the press, BTC is trading at 118,926 dollars, an increase of 0.4 % in the past 24 hours.
Distinctive image from Unsplash, charts from Cryptoquant, X, and TradingView.com
The post Binance Whale Inflows Suggest Possible Drop To $110,000 first appeared on Investorempires.com.
