#BinanceTurns7 $BTC

Bitcoin's current trend on Binance is leaning bearish due to several factors. Investor demand is weak, with significant cash outflows from US-based Bitcoin ETFs, indicating reduced institutional interest. Bitcoin recently dropped below a key support level of $58K and has been struggling with low market confidence, as reflected in its fear and greed index, which shows extreme fear among investors​(

Cointelegraph

)​(

Coinspeaker

).

Additionally, Binance's Bitcoin funding rates have been negative for several days, suggesting that short positions dominate, indicating a bearish sentiment for the short term​(

Coinspeaker

). However, if Bitcoin holds its support around $54K, some analysts suggest it could bounce back and rally later in the year.

short portion . TP 54000