Bitcoin is currently trading sideways, absorbing the recent wave of selling pressure. Despite some optimistic views, the daily chart indicates weakness. This trend is likely to continue as long as prices remain below $60,000 and the liquidation level around $66,000.
Binance, the world’s largest exchange by client count, has been actively accumulating Bitcoin during this period. Data from CryptoQuant shows that Binance increased its reserves by 41,000 BTC during the recent bear run, strategically buying on dips to meet user demand for instant conversions.
Meanwhile, “permanent holders” who tend to hold onto their coins without trading have been accumulating Bitcoin as well. This has helped stabilize prices and improve sentiment following last week’s sharp drop.
On the other hand, the German government continues to offload BTC, putting pressure on the coin and slowing down its uptrend. Despite this, a Coingecko survey indicates that investors remain optimistic about the future of Bitcoin.
Traders and speculators, however, have mixed sentiments. While some expect prices to recover, others anticipate further declines. Overall, the market remains uncertain as different parties hold varying views on Bitcoin’s future price movements.