Select Page

Binance Registers Massive 14,550.78 Bitcoin Inflow, Will BTC Price Dip Below $30k?

Binance Registers Massive 14,550.78 Bitcoin Inflow, Will BTC Price Dip Below $30k?
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

Bitcoin’s (BTC) price continues to trade under $32K as we approach another weekend. The top cryptocurrency lost another key support of $32.4K yesterday and currently trying to hold onto the final support zone of $31K-$31.5K before crashing below $30K. BTC is trading at $31,338 with a 3.5% decline over the past 24-hours.

Amid growing selling pressure a massive Bitcoin inflow was seen on Binance with a total of 14,550.8 BTC being transferred to Binance wallet. The movement of Bitcoin onto exchanges is considered a bearish sign as traders shift their holdings for selling.

20210716 145728
Source: Crypto Quant

The massive BTC inflow comes at a very crucial time since the majority of exchanges have seen an outflow of Bitcoin despite price trading under $35K. However, Willy Woo, popular analysts suggested we should not see inflows independently rather along with outflows to check the full sentiment.

Is Bear Market Confirmed?

Ki-Young Ju, a crypto analyst beleive the selling pressure is too high and suggested when the exchange whale ratio remains consistently in the 85% region, it indicates a dominant bearish sentiment in the market.

Screenshot 2021 0716 150903
Source: Crypto Quant

Young pointed that the exchange whale ratio has remained over 85% consistently since May and it indicates whales are sending their holdings onto exchanges.

The low liquidity weekend could only add more pressure on BTC price as it faces an uphill task. The top cryptocurrency has recently fallen to a 5-month low of $28,883 and if it fails to hold the $30K support, analysts predict the next support zone could be in the price range of $24K-$28k.

Recent comments from Federal Reserve chairman Jereme Powell who said cryptocurrencies have failed as a mode of payment also played against the market sentiment of Bitcoin and other cryptocurrencies. If the selling pressure doesn’t ease up and the Binance transfer was indeed a whale trying to sell their stash, then the price outlook could go from bad to worse for the top cryptocurrency.


The post Binance Registers Massive 14,550.78 Bitcoin Inflow, Will BTC Price Dip Below $30k? appeared first on Coingape.


Source: Coingape


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own here


Select Sub Category


All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber

Recent Comments