Bitcoin Hits $100K: Binance Buy Pressure & Whale Activity Surge
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Bitcoin's price has surged past $100,000, sparking renewed optimism in the crypto market. This surge is accompanied by significant buy-side pressure on Binance, as indicated by a rising Taker Buy-Sell Ratio. CryptoQuant analysts highlight this ratio, currently at 1.131, as a strong bullish signal, exceeding both its seven-day and 30-day averages. While approaching overbought levels, the sustained high ratio, coupled with Bitcoin maintaining the $99,000 level, suggests continued bullish momentum. Binance's high liquidity and volume make its data a reliable indicator of broader market sentiment, particularly institutional and high-volume trader behavior. Conversely, a drop below 1.05 could signal profit-taking and consolidation. Further analysis reveals a shift in Bitcoin ownership dynamics. A rise in “new whales”—wallets holding over 1,000 BTC aged less than 155 days—has increased the new-to-old whale ratio by 75.6% this year. These new whales have accumulated over 430,000 BTC, while older whales have reduced their holdings. This influx of capital, coinciding with a record high in Bitcoin's realized cap, points to growing confidence among both short-term and long-term holders. The confluence of these factors—the price surge, increased buy pressure on Binance, and the emergence of new whales—paints a picture of a strengthening Bitcoin market.
(Source: https://www.newsbtc.com/bitcoin-news/massive-buy-pressure-hits-binance-as-bitcoin-reclaims-100000/)
