Analyst: Binance's Bitcoin outflow data suggests the market may face selling pressure in 1-2 weeks
On August 18, according to NewBTC, on-chain analyst BorisVest said that based on the analysis of Binance's capital flow, the price of Bitcoin may face selling pressure in the next one to two weeks. The data shows that Binance's net Bitcoin flow has turned positive, while outflows have decreased. This trend indicates that Bitcoin is in the distribution stage. In addition, Binance's trading reserves continue to grow, indicating that investors are sending their Bitcoins to exchanges to sell for profit. BorisVest pointed out that Binance's huge trading volume plays a vital role in the reasons and ways that affect the cryptocurrency market. Therefore, as new buyers enter, whale sales often bring huge selling pressure to the price of Bitcoin.
