As price tested $90,896 the market liquidated around $580million in long positions.
Diving into Binance one of the largest retail support exchanges, it is clear that from the purple line the number of transactions made on the Binance exchange where users are withdrawing Bitcoin from the platform have sharply decreased over the last 2 days.
This fundamentally tells us:
1. Fewer users are withdrawing BTC to wallets outside of exchanges.
2. Less demand for BTC by long term holders.
With those two characteristics, it would suggest that speculation would continue to increase with bulls trying to keep price above $90k.
Written by ShivenMoodley
