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BiyaPay Analyst: Bitcoin Dips Below $11,500, On-Chain Data Alert, Potential Sell-Off Pressure in the Next 1-2 Weeks
BlockBeats News, August 18th: BiyaPay analyst stated that based on Binance's fund flow analysis, Bitcoin may face selling pressure in the next 1-2 weeks. The data shows that Bitcoin net flow on Binance has turned positive, outflow has decreased, and exchange reserves continue to grow, indicating that investors are sending Bitcoin to exchanges for profit-taking. Binance's large trading volume has a significant impact on the market, and whale selling may increase Bitcoin price volatility.
Today, Bitcoin has fallen below $115,000, with significant market fluctuations. Looking at the medium to long term, Bitcoin still leans bearish and needs to fall below the $100,000 support area to confirm the top. After being under pressure following a short-term rally, it may continue to fall back. The new week's bullish performance is weak, and investors should pay attention to risk control.
BiyaPay provides convenient digital asset trading services, supporting more than 200 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), for mutual exchange. Spot and contract order transactions have zero transaction fees.
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