- BTC open interest also fell 3% over the past 24 hours, reflecting lower interest or fear among investors.
- If the BTC price drops to $61,670, nearly $192 million in long positions will be liquidated.
Binance, the world’s largest cryptocurrency exchange, appeared to have made some internal adjustments on August 27.
According to one reportthe Binance Bitcoin Cold wallet with 75,177 Bitcoin [BTC]transferred a significant 30,000 BTC to its hot wallet and the remaining 45,177 BTC to another wallet address “3PXB”.
Binance transfers 75,177 BTC
At the time of writing, Binance has not disclosed the reason behind this notable BTC transfer. However, this transfer took place following the ongoing update of the money laundering controversy in Nigeria against Binance and its executives.
With these major BTC trades, expert technical analysis points to a bearish outlook for Bitcoin. Currently, BTC is in an uptrend as it holds itself above the 200 Exponential Moving Average (EMA) on a daily time frame.
In addition to this uptrend, the price is currently at a crucial breakout level of $61,850, which was previously broken after the interest rate cut announcement.
Source: TradingView
Based on the price action and historical price momentum, if BTC experiences a price reversal from this crucial level, there is a high chance of a significant price increase towards the $68,000 level in the coming days.
Conversely, if BTC continues to fall, we could see a major crash in the coming days.
At the time of writing, BTC was trading around the $61,900 level and has experienced a price drop of over 2.6% over the past 24 hours. Meanwhile, trading volume has increased by 33% over the same period, indicating greater trader participation amid the recent price drop.
Moreover, BTC open interest also fell by 3% over the past 24 hours, reflecting lower interest or fear among investors over the continued price decline.
High liquidation levels
Currently, the key liquidation levels are around $61,670 at the low end and $63,900 at the high end, as traders are over-leveraged at these levels, according to on-chain analytics firm CoinGlass.
Source: CoinGlass
Read Bitcoin’s [BTC] Price forecast 2024-25
If sentiment remains bearish and the price falls to $61,670, nearly $192 million in long positions will be liquidated.
Conversely, if sentiment changes and the price rises to the $63,900 level, short positions worth almost $271 million will be liquidated.