Bitcoin (BTC) fell more than 7% in the two-week period, from $117,400 at around August 21st to $108,666 today. Even though the market is in a bearish slump, there are some positive exchange data that suggest a better sentiment. Analysts warn that this may be another setup by institutions to lure retail buyers.
The Bitcoin sentiment is improving, but maintain caution
BorisD reported in a CryptoQuant Quicktake that the Binance vs. Other Exchanges BTC Volume Delta was positive as of August 25 with $676,000,000. It is clear that Binance’s users are now firmly in the spot-buying mode.
This trend is not observed at other major exchanges. Binance, the largest exchange by liquidity and users in the world, is often viewed as a good indicator of market sentiment.
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Retail investors are currently driving the buying pressure. This can help to support BTC demand, but it opens the door for institutional investors who will drive down prices and flush out retail positions.
BorisD emphasized that Bitcoin’s prices tend to fall when Binance users buy more spot Bitcoins. BTC’s price tends to rise when the selling pressure increases. He explained:
The difference in behavior between institutional and retail traders is evident. Retail traders are often emotional and place themselves in the wrong position, while institutional traders strategically create liquidity to match these flows.
The analyst concluded that, although the rising number of spot purchases on Binance was encouraging, positive deltas do not necessarily indicate a bullish market. The analyst said that a positive delta can reveal retail pressures which can then be used by institutional investors as an advantage.
BTC Price to Fall below $100 Level
Bitcoin is still a controversial topic among analysts. set In the short term, we can expect a new All-Time High (ATH). BTC, according to some, must hold Above the $100,000 level in order to maintain its bullish overall structure.
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Alphractal, a crypto-analyst, has released a different analysis. remarked It appears that BTC is getting ready to make its next move. Bitcoin Bull Score Index also shows a positive trend. giving Signs of declining momentum increase the risk of further decline.
BlackRock’s recent BTC Blitz has also shown signs of early exhaustion in the Bitcoin market. selling-spreeThe digital asset was sold for about $500,000,000.
Many analysts are still optimistic. forecasting A potential ATH as high as 183,000 dollars could be reached later in the year. BTC was trading for $109,841 at the time of publication, down 1.8% from 24 hours earlier.
Charts from TradingView.com and CryptoQuant.com.
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Source: www.newsbtc.com
