Bitcoin Selling Pressure Weak As Binance Inflows Stay Subdued – Can BTC Sustain Its Rally?
Bitcoin (BTC) is trading near its all-time high of $111,980. Investor behavior indicates reluctance to sell, with moderate selling pressure from short-term holders (STHs) and long-term holders (LTHs). STHs have sent only 8,000 BTC to Binance during the current rally, compared to significant sell-offs in previous market corrections. LTHs have deposited just 86 BTC recently, reflecting a similar trend. Despite healthy demand, some warning signs are emerging, particularly if BTC drops below the $106,800 support level, which could trigger a sharp decline. Historically, new ATHs lead to profit-taking, but this cycle shows no significant selling pressure. Increased exchange withdrawals suggest investors expect further price appreciation, and low retail participation indicates the market has not reached euphoric conditions. Currently, BTC is trading at $10,503, down 0.3% in the last 24 hours.
