As Bitcoin continues to reach new highs, traders appear to be preparing for a potential sell-off. Data reveals a significant influx of coins moving to exchanges, with Binance leading the charge.
In the past 30 days, Binance’s BTC balance has increased by over 50,000 BTC (equivalent to $1.5 billion), according to on-chain monitoring resource Coinglass.
While selling pressure has been muted, on-chain data suggests it could easily increase, as seen in Binance‘s balance, which rose by almost 100,000 BTC compared to March 10.
However, the past week saw a more significant increase of 22,000 BTC in Binance’s balance. Other major exchanges’ balance, in contrast, saw a decrease or insignificant increase.
Aggregate increases tracked by Coinglass in the past 30 days to April 28 totalled around 14,000 BTC, and the combined total holdings of the exchanges stands at 1.919 million BTC.
As Bitcoin flirts with the $30,000 price level, bears are wagering on it as a price ceiling.
The $30,000 mark holds both psychological significance and a record historical transaction volume. DecenTrader, a trading suite that tracks liquidity across exchanges, identifies $35,000 as a crucial zone for liquidating leveraged BTC short positions.
Despite BTC/USD’s recovery from local lows to trade near $29,500, DecenTrader notes that $30,000 support remains elusive, as short positions outnumber long ones.
The platform highlights that nearly $1 billion in Open Interest has returned, suggesting that many are shorting the $30,000 resistance level.
