Bitcoin Breaks Below $115K as Inflows to Binance Rise
Bitcoin has broken below the crucial $115K level, reaching a low of approximately $112,200. This decline has divided analysts:
- Some consider it a healthy correction for potential upward movement.
- Others warn it could signal a longer bearish phase if key support levels fail.
Analyst Darkfost noted a significant increase in Bitcoin inflows to Binance, rising from about 5,300 BTC daily in early July to 7,000 BTC currently. This trend indicates shifting investor behavior, potentially reflecting portfolio rebalancing or increased trading activity.
Key observations include:
- Rising inflows often correlate with market sentiment shifts.
- Increased activity may signal preparations for volatility or macroeconomic changes.
- The market is closely monitoring whether this marks a temporary adjustment or a broader trend.
Currently, Bitcoin is trading at $112,477 after losing the crucial $115,724 support, which has now become resistance. Key support lies near the 200-day SMA at $110,348. Increased volume during this decline suggests strong selling pressure, and failure to hold above $112,000 could lead to further drops towards $110K.
Bulls have a chance to regain momentum by pushing BTC back above $115,724. Until then, market sentiment remains cautious as signs of demand absorption or continued declines are awaited.