Bitcoin Price Falls to $115,347 Amid Decreased Buyer Demand
Bitcoin is currently trading around $115,347, reflecting a 7.7% drop from its recent peak of over $124,000. This decline indicates reduced buyer demand on major exchanges, particularly Binance.
Key Points
- Bitcoin has decreased by 3% over the past week.
- Analysis from CryptoQuant shows that fading buying pressure correlates with the price decline.
- Net outflows from buyers reached nearly -$600 million, indicating sellers are dominating the market.
- Between early August and August 22, Bitcoin slipped from above $123,000 to around $113,000.
- Binance's Volume Delta shifted negative, signaling a reversal in buyer-seller dynamics.
- Profit-taking may contribute to selling near resistance zones around $120,000.
- Miner activity shows an increase in transfers from Binance to miner-linked wallets, suggesting potential accumulation.
- The shift in miner behavior could indicate reduced short-term selling pressure or strategic reserves for future price movements.
