Bitcoin Holds $112,000 Support As Binance Whale Activity Cools Off – What’s Ahead?

Bitcoin (BTC) continues to defend the $112,000 support level following days of tepid price action, unable to give a clear indication about the potential direction of its next ￰0￱ exchange data from Binance shows a recent dip in whale activity, suggesting BTC likely avoided another massive ￰1￱ Defends $112,000 Against Whale Sell-Off According to a CryptoQuant Quicktake post by contributor Arab Chain, recent data from the Binance crypto exchange shows that there was a sudden spike in whale activity on the exchange on September 7, when the BTC: Exchange Whale Ratio surged to ￰2￱ Reading: Bitcoin Withdrawal Wave Points To Another Major Leg Up In The Bull Cycle, Analyst Says However, this surge was quickly followed by a decline in the metric, as the BTC: Exchange Whale Ratio tumbled to 0.28, on September 8.

However, the price remained stable around $112,500, suggesting that whale movements were short-lived and did not lead to a sell-off in ￰3￱ CryptoQuant analyst remarked that the fall in whale pressure toward the end of the period is a positive short-term ￰4￱ essence, the likelihood of a sharp price correction driven by whale sell-offs on Binance is now significantly ￰5￱ Chain added: The frequent whale fluctuations in late August and early September highlight that major players are still moving large volumes – meaning risks remain, and the market could be caught off guard by a sudden move if substantial exchange inflows are converted into market orders.

However, the analyst cautioned that the relationship is not always ￰6￱ the rise in the metric has often been associated with a fall in the price of BTC, not every spike has led to a clear decline in ￰7￱ seen in the above chart, there have been instances of whale activity surging beyond 0.5 for multiple days – accompanied by positive net inflows to ￰8￱ Chain noted that such dynamics may lead to a failure to maintain the $112,000 level, and possibly trigger a drop to $108,000. Historical data for September shows that the beginning of the month is typically quiet in terms of whale pressure on Binance, except for the occasional quick ￰9￱ this offers a safer environment for a gradual rise, it also gives whales a chance to exert pressure on the market, especially if the overall demand is ￰10￱ BTC Yet To Hit Its Peak?

While BTC is currently trading roughly 10% below its latest all-time high (ATH) of $124,128, some crypto experts opine that the flagship cryptocurrency is yet to hit its peak for this market ￰11￱ Reading: Fair Value Gap Suggests Bitcoin Price Is Going Higher, But Watch Out For This Crash In recent analysis, Bitcoin researcher Sminston predicted that BTC may top out anywhere between $200,000 – $290,000 sometime in ￰12￱ press time, BTC trades at $112,639, down 0.1% in the past 24 ￰13￱ image from Unsplash, charts from CryptoQuant and ￰14￱