Bitcoin Price Drops Over 7% Amid Mixed Sentiment on Exchanges

Bitcoin (BTC) has decreased over 7% in the last two weeks, from approximately $117,400 on August 21 to a low of $108,666. Despite this decline, exchange data indicates a shift toward spot buying on Binance, suggesting improved sentiment among users.

Key Points

Binance's BTC Volume Delta turned positive on August 25 at $676 million, indicating increased spot buying.
This trend is not reflected on other major exchanges, highlighting Binance's influence on market sentiment.
Retail investors are currently driving buying pressure, which could lead to price manipulation by institutional investors.
Historically, increased spot buying by Binance users correlates with price declines, while rising selling pressure often leads to recoveries.
Analysts caution that a positive delta does not guarantee bullish outcomes and may expose retail positions for institutional exploitation.

Market Outlook

Analysts are divided on whether Bitcoin can reach a new all-time high soon, stressing the importance of maintaining above $100,000 for a bullish structure.
Signs of market exhaustion include BlackRock's recent sell-off of about $500 million in BTC.
Despite risks, some analysts predict a potential ATH of up to $183,000 later this year.
BTC is currently trading at $109,841, down 1.8% in the last 24 hours.

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