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Bitcoin Inflows Reach Year-High on Binance Amid Rising Sell Pressure
Bitcoin's price is currently below $82,000, marking a 24.6% decline from its March high of $109,000.
Bearish Market Signals
Key observations from CryptoQuant contributor EgyHash indicate:
- Increasing inflows to Binance suggest growing sell-side activity.
- The 7-day moving average of mean coin inflows into Binance is rising, indicating larger deposits from investors.
- High levels of the “Bitcoin: Exchange Inflow (Top10)” metric point to significant Bitcoin being moved onto Binance, likely for selling.
- Binance's Bitcoin reserves have increased to levels not seen since November, signalling potential selling pressure.
- The Taker Buy/Sell Ratio indicates sell orders exceed buy orders.
These factors contribute to expectations of continued downward pressure on Bitcoin's price.
NUPL Insights
Another indicator, Net Unrealized Profit/Loss (NUPL), is currently just below the 0.50 support level. Historical data suggests:
- Readings below 0.50 correlate with bearish phases.
- A monthly close above this level could signal renewed buying interest.
Investors will closely monitor Bitcoin’s performance to gauge market sentiment.
Authors credited by the source: Samuel Edyme
Published by Holder based on an external source.
