The Bitcoin prize seemed to have resumed his Bullrun, because it was a new all time on Thursday 14 August.
The Bitcoin price has difficulty restoring this bullish run on weekends, in and around the $ 118.00 level for the majority of Saturday 16 August. The latest data on the chain suggests that this price would continue to exist in the coming weeks.
Bitcoin Netflow on Binance becomes positive because the sales pressure continues to exist
In one Quicktake Post On the Cryptoquant platform, Pseudonymous On-Chain Analyst Borisvest revealed that the Bitcoin price could experience the sales pressure in the next one to two weeks. This projection is based on the stream of coins on Binance, the world’s largest cryptocurrency exchange through trade volume.
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The relevant indicators here include the Bitcoin Netflow and Exchange Reserve Metrics, both of which measure the amount of coins that enter or leave a cryptocurrency exchange. According to data from cryptoquant, Bitcoin Netflow has become positive, while the outflows have been reduced in the exchange exchange.
Borisvest said that this trend suggests that Bitcoin is in a distribution phase, especially on Binance, which leads to the current high volatility in the market. The analyst explained that this may have played a role in the brief momentum with which the Bitcoin prize was confronted during the last run-up to the all time.
Borisvest noted that the stock market reserves on Binance continued to rise as the Bitcoin price rose to a new highest high, indicating that investors sent their coins to the stock market to be sold for profit. “The missing component was buyers; as soon as the price reached the peak and the question began, the sales pressure accelerated,” added the analyst to chains.
In addition, Borisvest emphasized that the prize -spiking gorge of the eternal spot showed the presence of aggressive buyers, creating an ideal distribution environment. According to the online expert, Binance Whales took the opportunity to sell, with buyers in position.
Borisvest said that the important trade volume of Binance plays a crucial role in why and how the activity of the exchange influences the cryptomarket. That is why Binance whales discharge when new buyers come in, tend to exercise a considerable sales pressure on the Bitcoin price.
The on-chain concluded that although the wider upward trend remains in the game, the Bitcoin price will probably continue to experience the sales pressure in the next one to two weeks.
Bitcoin -price at a glance
BTC is currently appreciated at around $ 117,490, which reflects a price jump of almost 1% in the last 24 hours.
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Featured image of Istock, graph of TradingView