On-chain monitoring resource Coinglass has reported that tens of thousands of Bitcoin (BTC) are moving to exchanges, indicating that traders may be gearing up for a sell-off as the temptation to sell for both long-term and short-term holders has increased. Global trading volume leader Binance's BTC balance has risen by over 50,000 BTC ($1.5 billion) in the past 30 days, and the balance tally is up 22,000 BTC in the past seven days alone. However, other major exchanges have lost BTC or seen insignificant balance increases. Investor habits witnessed in recent weeks increase the pressure on bulls to flip $30,000 to support and continue rising. The current state of liquidity across exchanges tracked by trading suite Decentrader shows that $35,000 is a key zone for liquidating leveraged BTC short positions.
(By WILLIAM SUBERG)
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