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Bitcoin Faces Pressure as Binance Sell-Side Momentum Increases
The price of Bitcoin has continued its downward trend that began in mid-October, falling below the psychological $100,000 support level. This decline has raised concerns among market participants about the overall market structure.
Negative Taker Imbalance on Binance
According to Arab Chain's analysis on CryptoQuant, there is increased sell-side momentum for Bitcoin on Binance, indicated by the BTC Taker Imbalance % metric. A negative reading of -0.17% suggests a seller-dominated market.
- There is a significant difference between selling and buying volumes: $1.517 billion in selling versus $1.058 billion in buying.
Potential Price Target of $92,000
The current seller dominance keeps the BTC price around the $94,000 level. Attempts to rise face strong sell resistance, suppressing bullish momentum.
- If bearish momentum increases, the next support level could be around $92,000.
- At the time of reporting, Bitcoin is valued at $96,241, reflecting a nearly 2% daily loss.
