- Short-term Bitcoin traders are holding back, reducing selling pressure and easing market volatility.
- Bitcoin inflows to Binance have dropped, indicating a shift to less risky exchanges.
- Bitcoin’s price struggles near resistance, with low trading volume and weak buying momentum.
Bitcoin On-chain activity has slowed down recently, and the shift is noticeable. Short-term traders who usually drive the market appear to be holding onto their coins. With fewer trades and less selling pressure, Bitcoin’s price stability may be in for some changes. Let’s break down what’s happening and what these changes might mean.
Declining Bitcoin Flow to Binance
One of the most obvious signs of this slowdown is the drop in Bitcoin inflows. Normally, when traders send Bitcoin to Binance, they’re getting ready to sell. But recently, Bitcoin transfers to the exchange have dropped significantly. Short-term holders sent just 6,300 BTC to Binance, compared to the typical 24,700 BTC sent to other exchanges.
This shift shows that fewer traders are eager to sell. With less selling pressure on Binance, trading volume and liquidity might decrease. If this trend continues, Bitcoin’s price might stabilize, but that really depends on how the market reacts. While Binance is seeing fewer Bitcoin inflows, other exchanges are actually getting more action.
Traders seem to be moving away from high-risk platforms like Binance and heading toward safer, calmer options. In other words, Bitcoin traders are likely playing it safe, looking for more stability during these uncertain times.
Change in Short-term Holder Behavior
Short-term holders are crucial in driving Bitcoin’s price swings. They usually act to take short-term profits. Lately, however, these holders have been more reserved. Key indicators, like the Short-Term SOPR and UTXO Age Band, show that Bitcoin movement from these holders has slowed down.
Instead of cashing out after recent price changes, short-term traders are holding their Bitcoin. This pause in activity suggests that the market is less volatile. With less buying and selling, Bitcoin may settle into a more stable price range. This shift hints at a more cautious market outlook.
Bitcoin’s price reflects this slowdown. After trying to break past the $86,268 resistance, the price fell to $84,211. The RSI at 46.82 shows that the market is neither strongly bullish nor bearish. Plus, the low OBV of -92.95 K suggests weak buying interest.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed