COINOTAG reports from August 18th indicate that analysis by BiyaPay suggests Bitcoin is likely to experience selling pressure over the coming weeks. Recently, data gleaned from Binance reveals a shift in net flow concerning Bitcoin, which has turned positive. This uptick is coupled with diminishing outflows and a rise in exchange reserves, signaling that investors are increasingly moving Bitcoin to exchanges for potential profit-taking strategies. Given Binance’s extensive trading volume, it plays a pivotal role in influencing market dynamics, and a rise in whale activity could amplify Bitcoin’s price volatility.
As of now, Bitcoin’s price has dipped below $115,000 amid notable market fluctuations. Analyzing the medium to long term, the outlook for Bitcoin remains bearish, with the crucial support level identified at $100,000. Should it breach this threshold, it would further confirm a market top. After enduring pressures following a recent rally, Bitcoin could witness additional declines. Investors should closely monitor market conditions and prioritize risk management strategies.
BiyaPay stands out in the realm of digital asset trading, offering seamless transactions across over 200 cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). Notably, both spot and contract orders incur zero transaction fees, enhancing the platform’s appeal for traders.