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Bitcoin Drops Below $105K as Binance Net Taker Volume Turns Deep Red
Bitcoinâs recent rally appears to have paused as the asset declined to just above $104,000 following a 2.1% drop over the past 24 hours. This latest movement signals a potential shift in short-term market momentum, with traders increasingly opting to exit positions. While the broader cryptocurrency market has experienced similar pullbacks, Bitcoinâs trajectory is attracting closer scrutiny due to its influence on overall sentiment and market structure. Analysts are looking into how external factors, particularly geopolitical developments, are impacting trading behavior. One such development is the reported military engagement between Israel and Iran on June 13, which triggered sell pressure across high-risk assets, including digital currencies. Amid these events, key metrics on Binance, particularly Net Taker Volume, are showing increased sell-side dominance, suggesting short-term volatility may continue. Related Reading: Bitcoin Nears All-Time High as Whale Behavior Suggests Further Upside Binance Net Taker Volume Hits Multi-Week Low Amid Bitcoin Panic Selling According to on-chain analyst Amr Taha on CryptoQuantâs QuickTake platform, Bitcoinâs Net Taker Volume on Binance fell to -$197 million, the most negative reading since June 6. This metric, which compares aggressive selling to aggressive buying, indicates heightened urgency among traders to sell at market prices, bypassing limit orders. The seven-hour moving average (7HMA) has remained in negative territory since June 12, reinforcing the current downward pressure. Historically, such extremes in net taker volume have been linked to local price bottoms, as they often signal panic-induced capitulation by retail and overleveraged traders. Taha highlighted that a similar event occurred on June 6, followed by a 4% rebound in Bitcoinâs price within 24 hours. The implication is that, while aggressive selling may signal weakness, it also presents conditions that have previously preceded price reversals. Geopolitical Shock Triggers Liquidation Cascade, May Signal Local Bottom Taha also pointed to the geopolitical backdrop, specifically the sudden escalation between Israel and Iran, as a major catalyst for recent market behavior. News of the strike led to a surge in liquidation activity, especially among long-leveraged positions. The correlation between the timing of the conflict and the spike in Binance sell volume suggests that traders are reacting to broader market uncertainty, contributing to downward momentum. Related Reading: Bitcoin Funding Rate Flips Again And History Says A Rally Is Around The Corner Despite this, Taha still views these conditions as potentially bullish in the medium term. Heavy selling often flushes out weaker hands, creating opportunities for long-term holders or institutional participants to accumulate positions at lower prices. Taha suggests that while the short-term outlook remains volatile, the current setup resembles previous recovery phases, marked by contrarian buying and reduced selling pressure. Featured image created with DALL-e, Chart from TradingView
Bitcoin Following ABCD Pattern? Analyst Sees Path To $137,000
Brewing tensions between Israel and Iran have triggered global de-risking across risk-on assets, including Bitcoin (BTC). The top cryptocurrency by market cap is down 1.7% over the past 24 hours. That said, technical indicators still point toward a potential new all-time high (ATH) for BTC in the coming months. Bitcoin Tracing The ABCD Pattern According to a recent post on X by crypto analyst Titan of Crypto, BTC appears to be following the ABCD pattern. The analyst noted that Bitcoin is currently trading within a wedge formation and could target as high as $137,000 if it breaks out. For the uninitiated, the ABCD pattern is a classic chart setup with four points and three legs â AB, BC, and CD â where AB and CD are typically equal in length, and BC serves as the retracement. It helps identify potential reversal zones and signals when a price move may be losing momentum. Related Reading: Bitcoin Sees Negative Funding On Binance â A Classic Setup For A Short Squeeze? Several other technical indicators also point to a potential new ATH for BTC. For instance, crypto analyst Crypto Caesar shared the following 4-hour Bitcoin chart highlighting a bullish double bottom pattern that suggests BTC is primed for recovery. Fellow crypto commentator Jelle identified a cup and handle pattern on the daily BTC chart. Jelle shared the following chart showing that BTC has already formed the âcupâ and is now beginning to shape the âhandle,â which typically precedes a sharp upward move. Meanwhile, crypto trader Merlijn the Trader pointed to the Hash Ribbons â an on-chain indicator historically associated with major rallies. Merlijn shared the following BTC daily chart, noting that the last four appearances of this signal preceded strong Bitcoin uptrends. To explain, Hash Ribbons is an on-chain indicator that uses Bitcoinâs 30-day and 60-day hash rate moving averages (MA) to spot miner capitulation and recovery. A bullish signal appears when the short-term average crosses above the long-term one. Are BTC Bears Regaining Ground? Although BTC remains above the psychologically important $100,000 mark, some concerning signs are beginning to emerge. The cryptocurrency was recently rejected from the $110,000 resistance level again, giving bears temporary control. Related Reading: Bitcoinâs Most Reliable Signal Just FlashedâNext Stop: $170,000 Similarly, on-chain data shows that long-term holders are beginning to exit the Bitcoin market which retail investors are starting to join in. Such dynamics are typically observed during the late phase of a bull cycle. In parallel, short-term holders are showing signs of declining confidence in BTC, as reflected in recent on-chain activity. At the time of writing, BTC trades at $105,568, down 1.7% over the past 24 hours. Featured image with Unsplash, charts from X and TradingView.com
A Rare Bitcoin Signal Is Flashing: Could the Bull Run Just Be Getting Started?
Bitcoinâs market price has experienced renewed downward pressure, falling to just under $106,000 in the last 24 hours. This marks a 1.8% dip over the past day and places the asset approximately 6% below its all-time high of over $111,000 reached last month. While the correction is not severe compared to historical volatility, it highlights ongoing uncertainty in the market as BTC consolidates near record highs without sustained upward momentum. One metric drawing attention amid this price movement is the Puell Multiple, a tool used to evaluate whether Bitcoin is overvalued or undervalued relative to miner income. Related Reading: Bitcoinâs Most Reliable Signal Just FlashedâNext Stop: $170,000 Bitcoin Puell Multiple Suggests Miner Revenues Have Yet to Catch Up CryptoQuant analyst Gaah highlighted that while prices recently surged above $108,000, the Puell Multiple remains below 1.40, a level typically associated with discounted or non-euphoric market phases. This decoupling between BTC price and miner revenue offers insight into how recent gains may be more demand-driven than organically supported by on-chain mining fundamentals. The Puell Multiple measures the daily issuance of BTC in USD terms relative to its 365-day moving average. Historically, readings below 1.0 are seen during market bottoms or accumulation phases, indicating undervaluation. Gaah points out that current readings hovering around 1.40 suggest miner profitability is still lagging, even as the asset trades near historic highs. This pattern contrasts with previous bull cycles where high prices were often accompanied by elevated miner earnings, driven by both network activity and block rewards. This disparity may be due in part to the April 2024 Bitcoin halving event, which reduced block rewards from 6.25 BTC to 3.125 BTC per block. While halving events typically drive price appreciation through reduced supply, they simultaneously put downward pressure on miner revenue. In this case, despite a climb in market price, the halvingâs impact continues to suppress income for miners, implying that the price increase has not yet been accompanied by the kind of broader economic expansion that would traditionally drive a full-fledged bull market. Potential for Continued Growth as Institutional Forces Drive Demand Gaah also points to the possibility that external factors may be playing a more dominant role in driving recent price action. These include increasing institutional inflows through spot Bitcoin ETFs, as well as a tighter circulating supply as long-term holders reduce active selling. These forces could be supporting price without necessarily boosting miner profitability in the short term, especially if the uptick is concentrated in secondary market demand rather than new BTC issuance. The current environment may signal a unique window for participants analyzing Bitcoinâs valuation. A high market price combined with conservative fundamentals suggests the market is not yet in a speculative excess phase. Related Reading: Bitcoin Bears Back In Control After $110,000 Rejection, What Comes Next? If miner revenues eventually rise in line with growing demand, driven by either increased transaction fees or broader network usage, it could support further upside. As such, both technical and fundamental indicators may continue to evolve in the coming months, offering a clearer view of whether the current cycle has more room to run. Featured image created with DALL-E, Chart from TradingView
Bitcoin Drops Below $105K as Binance Net Taker Volume Turns Deep Red
Bitcoinâs recent rally appears to have paused as the asset declined to just above $104,000 following a 2.1% drop over the past 24 hours. This latest movement signals a potential shift in short-term market momentum, with traders increasingly opting to exit positions. While the broader cryptocurrency market has experienced similar pullbacks, Bitcoinâs trajectory is attracting closer scrutiny due to its influence on overall sentiment and market structure. Analysts are looking into how external factors, particularly geopolitical developments, are impacting trading behavior. One such development is the reported military engagement between Israel and Iran on June 13, which triggered sell pressure across high-risk assets, including digital currencies. Amid these events, key metrics on Binance, particularly Net Taker Volume, are showing increased sell-side dominance, suggesting short-term volatility may continue. Related Reading: Bitcoin Nears All-Time High as Whale Behavior Suggests Further Upside Binance Net Taker Volume Hits Multi-Week Low Amid Bitcoin Panic Selling According to on-chain analyst Amr Taha on CryptoQuantâs QuickTake platform, Bitcoinâs Net Taker Volume on Binance fell to -$197 million, the most negative reading since June 6. This metric, which compares aggressive selling to aggressive buying, indicates heightened urgency among traders to sell at market prices, bypassing limit orders. The seven-hour moving average (7HMA) has remained in negative territory since June 12, reinforcing the current downward pressure. Historically, such extremes in net taker volume have been linked to local price bottoms, as they often signal panic-induced capitulation by retail and overleveraged traders. Taha highlighted that a similar event occurred on June 6, followed by a 4% rebound in Bitcoinâs price within 24 hours. The implication is that, while aggressive selling may signal weakness, it also presents conditions that have previously preceded price reversals. Geopolitical Shock Triggers Liquidation Cascade, May Signal Local Bottom Taha also pointed to the geopolitical backdrop, specifically the sudden escalation between Israel and Iran, as a major catalyst for recent market behavior. News of the strike led to a surge in liquidation activity, especially among long-leveraged positions. The correlation between the timing of the conflict and the spike in Binance sell volume suggests that traders are reacting to broader market uncertainty, contributing to downward momentum. Related Reading: Bitcoin Funding Rate Flips Again And History Says A Rally Is Around The Corner Despite this, Taha still views these conditions as potentially bullish in the medium term. Heavy selling often flushes out weaker hands, creating opportunities for long-term holders or institutional participants to accumulate positions at lower prices. Taha suggests that while the short-term outlook remains volatile, the current setup resembles previous recovery phases, marked by contrarian buying and reduced selling pressure. Featured image created with DALL-e, Chart from TradingView
Bitcoin Following ABCD Pattern? Analyst Sees Path To $137,000
Brewing tensions between Israel and Iran have triggered global de-risking across risk-on assets, including Bitcoin (BTC). The top cryptocurrency by market cap is down 1.7% over the past 24 hours. That said, technical indicators still point toward a potential new all-time high (ATH) for BTC in the coming months. Bitcoin Tracing The ABCD Pattern According to a recent post on X by crypto analyst Titan of Crypto, BTC appears to be following the ABCD pattern. The analyst noted that Bitcoin is currently trading within a wedge formation and could target as high as $137,000 if it breaks out. For the uninitiated, the ABCD pattern is a classic chart setup with four points and three legs â AB, BC, and CD â where AB and CD are typically equal in length, and BC serves as the retracement. It helps identify potential reversal zones and signals when a price move may be losing momentum. Related Reading: Bitcoin Sees Negative Funding On Binance â A Classic Setup For A Short Squeeze? Several other technical indicators also point to a potential new ATH for BTC. For instance, crypto analyst Crypto Caesar shared the following 4-hour Bitcoin chart highlighting a bullish double bottom pattern that suggests BTC is primed for recovery. Fellow crypto commentator Jelle identified a cup and handle pattern on the daily BTC chart. Jelle shared the following chart showing that BTC has already formed the âcupâ and is now beginning to shape the âhandle,â which typically precedes a sharp upward move. Meanwhile, crypto trader Merlijn the Trader pointed to the Hash Ribbons â an on-chain indicator historically associated with major rallies. Merlijn shared the following BTC daily chart, noting that the last four appearances of this signal preceded strong Bitcoin uptrends. To explain, Hash Ribbons is an on-chain indicator that uses Bitcoinâs 30-day and 60-day hash rate moving averages (MA) to spot miner capitulation and recovery. A bullish signal appears when the short-term average crosses above the long-term one. Are BTC Bears Regaining Ground? Although BTC remains above the psychologically important $100,000 mark, some concerning signs are beginning to emerge. The cryptocurrency was recently rejected from the $110,000 resistance level again, giving bears temporary control. Related Reading: Bitcoinâs Most Reliable Signal Just FlashedâNext Stop: $170,000 Similarly, on-chain data shows that long-term holders are beginning to exit the Bitcoin market which retail investors are starting to join in. Such dynamics are typically observed during the late phase of a bull cycle. In parallel, short-term holders are showing signs of declining confidence in BTC, as reflected in recent on-chain activity. At the time of writing, BTC trades at $105,568, down 1.7% over the past 24 hours. Featured image with Unsplash, charts from X and TradingView.com
A Rare Bitcoin Signal Is Flashing: Could the Bull Run Just Be Getting Started?
Bitcoinâs market price has experienced renewed downward pressure, falling to just under $106,000 in the last 24 hours. This marks a 1.8% dip over the past day and places the asset approximately 6% below its all-time high of over $111,000 reached last month. While the correction is not severe compared to historical volatility, it highlights ongoing uncertainty in the market as BTC consolidates near record highs without sustained upward momentum. One metric drawing attention amid this price movement is the Puell Multiple, a tool used to evaluate whether Bitcoin is overvalued or undervalued relative to miner income. Related Reading: Bitcoinâs Most Reliable Signal Just FlashedâNext Stop: $170,000 Bitcoin Puell Multiple Suggests Miner Revenues Have Yet to Catch Up CryptoQuant analyst Gaah highlighted that while prices recently surged above $108,000, the Puell Multiple remains below 1.40, a level typically associated with discounted or non-euphoric market phases. This decoupling between BTC price and miner revenue offers insight into how recent gains may be more demand-driven than organically supported by on-chain mining fundamentals. The Puell Multiple measures the daily issuance of BTC in USD terms relative to its 365-day moving average. Historically, readings below 1.0 are seen during market bottoms or accumulation phases, indicating undervaluation. Gaah points out that current readings hovering around 1.40 suggest miner profitability is still lagging, even as the asset trades near historic highs. This pattern contrasts with previous bull cycles where high prices were often accompanied by elevated miner earnings, driven by both network activity and block rewards. This disparity may be due in part to the April 2024 Bitcoin halving event, which reduced block rewards from 6.25 BTC to 3.125 BTC per block. While halving events typically drive price appreciation through reduced supply, they simultaneously put downward pressure on miner revenue. In this case, despite a climb in market price, the halvingâs impact continues to suppress income for miners, implying that the price increase has not yet been accompanied by the kind of broader economic expansion that would traditionally drive a full-fledged bull market. Potential for Continued Growth as Institutional Forces Drive Demand Gaah also points to the possibility that external factors may be playing a more dominant role in driving recent price action. These include increasing institutional inflows through spot Bitcoin ETFs, as well as a tighter circulating supply as long-term holders reduce active selling. These forces could be supporting price without necessarily boosting miner profitability in the short term, especially if the uptick is concentrated in secondary market demand rather than new BTC issuance. The current environment may signal a unique window for participants analyzing Bitcoinâs valuation. A high market price combined with conservative fundamentals suggests the market is not yet in a speculative excess phase. Related Reading: Bitcoin Bears Back In Control After $110,000 Rejection, What Comes Next? If miner revenues eventually rise in line with growing demand, driven by either increased transaction fees or broader network usage, it could support further upside. As such, both technical and fundamental indicators may continue to evolve in the coming months, offering a clearer view of whether the current cycle has more room to run. Featured image created with DALL-E, Chart from TradingView