The Bitcoin price appeared to have resumed its bull run as it ran up to a new all-time high on Thursday, August 14. However, this positive momentum was short-lived, as the premier cryptocurrency crashed from the unprecedented high of $124,000 down to around $118,000.
The Bitcoin price has struggled to reignite this bullish run over the weekend, hovering in and around the $118,00 level for the majority of Saturday, August 16. The latest on-chain data suggests that this price sluggishness might persist over the next few weeks.
In a Quicktake post on the CryptoQuant platform, pseudonymous on-chain analyst BorisVest revealed that the Bitcoin price could experience selling pressure over the next one to two weeks. This projection is based on the flow of coins on Binance, the world’s largest cryptocurrency exchange by trading volume.
The relevant indicators here include the Bitcoin Netflow and Exchange Reserve metrics, both of which measure the amount of coins that enter or leave a cryptocurrency exchange. According to data from CryptoQuant, Bitcoin netflow has turned positive while outflows have reduced on the Binance exchange.
BorisVest mentioned that this trend suggests that Bitcoin is in a distribution phase, especially on Binance, leading to the current high volatility in the market. The analyst explained that this might have played a role in the short-lived momentum faced by the Bitcoin price during its last run-up to the all-time high.
BorisVest noted that the exchange reserves on Binance continued to rise as the Bitcoin price soared to a new all-time high, indicating that investors sent their coins to the exchange to be sold for profit. “The missing component was buyers; once price reached the peak and demand kicked in, selling pressure accelerated,” the on-chain analyst added.
Furthermore, BorisVest highlighted that the Perpetual-Spot Price Gap showed the presence of aggressive buyers, creating an ideal environment for distribution. According to the online pundit, Binance whales took the opportunity to sell, with buyers in position.
BorisVest mentioned that Binance’s significant trading volume plays a crucial role in why and how the exchange’s activity influences the crypto market. Hence, Binance whales offloading as new buyers enter tends to put substantial selling pressure on the Bitcoin price.
The on-chain concluded that while the broader upward trend remains in play, the Bitcoin price is likely to continue to experience selling pressure over the next one to two weeks.
As of this writing, BTC is valued at around $117,490, reflecting an almost 1% price jump in the past 24 hours.
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