Bitcoin

April

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<p>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.</p>
<p>In the past 30 days, Binance’s <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">BTC</a> balance has increased by over 50,000 BTC (equivalent to $1.5 billion), according to on-chain monitoring resource <a href="https://www.coinglass.com/Balance" rel="noopener noreferrer nofollow" target="_blank">Coinglass</a>.</p>
<p>While selling pressure has been muted, on-chain data suggests it could easily increase, as seen in <a href="https://crypto.ro/en/exchange/binance/" rel="noopener noreferrer nofollow">Binance</a>‘s balance, which rose by almost 100,000 BTC compared to March 10.</p>
<figure style="width: 4287px" class="wp-caption alignnone"><img src="https://crypto.ro/en/wp-content/uploads/2023/04/Binance-BTC-balance-vs.-BTCUSD-chart.png" alt="Binance BTC balance vs. BTCUSD chart" width="4287" height="2700" title="Bitcoin traders brace for sell-off as Binance sees significant influx of BTC 1">
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  Binance BTC balance vs. BTC/USD chart | CryptoQuant
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<p>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.</p>
<p>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.</p>
<figure style="width: 1370px" class="wp-caption alignnone"><img src="https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-exchange-BTC-balance-vs.-BTCUSD-chart.webp" alt="Bitcoin exchange BTC balance vs. BTCUSD chart" width="1370" height="500" title="Bitcoin traders brace for sell-off as Binance sees significant influx of BTC 2">
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  Bitcoin exchange BTC balance vs. BTC/USD chart | Coinglass
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<p>As Bitcoin flirts with the $30,000 price level, bears are wagering on it as a price ceiling.</p>
<p>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.</p>
<p>Despite BTC/USD’s recovery from local lows to trade near $29,500, <a href="https://twitter.com/decentrader/status/1651790845253922818" rel="noopener noreferrer nofollow" target="_blank">DecenTrader</a> notes that $30,000 support remains elusive, as short positions outnumber long ones.</p>
<p>The platform highlights that nearly $1 billion in Open Interest has returned, suggesting that many are shorting the $30,000 resistance level.</p>

Bitcoin traders brace for sell-off as Binance sees significant influx of BTC

crypto.ro global

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