Bitcoin Metrics on Binance Show Shift That Could Precede Market Squeeze
Bitcoin's price has declined to $92,775 after peaking above $94,000, marking a 1.3% decrease in 24 hours. This follows a nearly 10% increase earlier in the week, raising questions about the sustainability of this momentum amid market uncertainty. Analysis from Novaque Research highlights significant changes in exchange flows on Binance, indicating a shift from sell-side pressure to accumulation. Between April 6 and April 10, inflows exceeded 15,000 BTC, suggesting short-term traders were liquidating positions. Conversely, from April 19 to April 23, outflows over 15,000 BTC occurred as prices rose above $93,000, indicating bullish accumulation trends. The Exchange Reserve metric has declined since April 18, and the Exchange Whale Ratio fell below 0.3, suggesting reduced influence from large traders. Additionally, leveraged long positions have been largely cleared, while concentrated short positions above $92,000 may be vulnerable to a short squeeze if upward momentum continues. Market conditions appear more balanced with reduced large player influence and thinner liquidity zones.
