17 hour ago
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Bitcoin Slips Below $100K as Binance Sees 2,800 BTC Bid Walls
Bitcoin Price Analysis:
- Bitcoin dropped below $100,000, currently trading around $97,000, marking its lowest since May.
- Increased market volatility has led traders to reduce leverage and shift to stablecoins, indicating fear in the market.
- Despite this, on-chain data from CryptoQuant suggests that large buyers are positioning for a rebound.
Aggressive Buying Activity:
- CryptoQuant analyst Maartunn notes significant bid walls on Binance Futures, with major clusters around 800 BTC and 2,000 BTC.
- This indicates large traders are actively accumulating Bitcoin at current levels, suggesting a potential reversal.
- These bid walls create a temporary price floor, making further declines less likely without substantial selling pressure.
Technical Outlook:
- Bitcoin is near $96,800, with increased volume indicating panic-driven liquidations.
- The 50-day moving average crossing below the 100-day signals waning momentum, while the 200-day MA at $88,000 is the next key support.
- Current stabilization hints at dip buying, but failure to maintain $95,000 could lead to further decline toward $90,000.
- If Bitcoin reclaims $100,000, a short-term rally to $105,000–$108,000 might occur.
The market is currently consolidating, balancing between risk of capitulation and early signs of accumulation.