TLDR
- Bitcoin traded at $83,897 on September 29, up 0.83% on the day.
- More than 13,800 BTC left Binance on September 22, its largest daily outflow since 2023.
- Binance reserves fell by about 20,000 BTC over four days.
- Top Binance futures traders are 59.8% long, and open interest rose 2.63%.
- Resistance sits at $84,665, and support sits at $82,847.
Bitcoin (BTC) was trading at $83,897 on September 29, up 0.83% on the day. Over the past 24 hours, the price moved in a tight range between $82,563 and $84,381.
Spot volume on Binance reached $1.54 billion in that period. The price sits just below the 7-day simple moving average of $84,174, which is now acting as short-term resistance.
Bitcoin is still trading above its 20-day, 50-day and 200-day moving averages. The 200-day average sits about $12,600 below the current price.
Binance Sees Largest Outflow Since 2023
More than 13,800 BTC, worth about $1.15 billion, left Binance on September 22. According to CryptoQuant data, it was the exchange’s largest single-day net outflow since 2023.
Binance’s bitcoin reserves then fell from about 705,000 BTC to 685,000 BTC over four days. That is a drop of roughly 20,000 coins, worth around $1.66 billion.
Binance is estimated to hold about 30% of the bitcoin available on exchanges that investors can use. Large withdrawals often mean investors are moving coins to their own wallets or long-term storage.
On-chain analyst Darkfrost said the withdrawals look like part of a wider accumulation trend. “When outflows become dominant, it indicates that some investors are choosing to hold their BTC themselves,” Darkfrost said.
Outflows can also happen for other reasons, such as institutional custody or internal wallet moves. Fewer coins on exchanges means fewer coins that can be sold quickly.
Traders Lean Long on Futures
Top traders on Binance futures are 59.8% long and 40.2% short, a ratio of 1.49. The broader long/short ratio across all traders is 1.42.
The one-hour taker buy/sell ratio stands at 1.30, meaning buyers are placing more aggressive market orders than sellers. Open interest rose 2.63% in 24 hours, adding about $204 million in new positions.
The funding rate is 0.0038%. That is positive but below the 0.01% to 0.03% range that has often come before large long liquidations.
Momentum indicators show a mixed picture. The MACD histogram has flattened to near zero, while the stochastic oscillator’s %K line at 71.72 has moved above the %D line at 57.37.
Immediate resistance sits at $84,665, followed by stronger resistance at $85,432. The upper Bollinger Band is at $88,412, and a daily close above $85,432 could open a move toward that level.
On the downside, the daily pivot is $83,614 and immediate support is $82,847. Below that, strong support sits at $81,795, with the 20-day moving average near $80,987.
The average true range is $2,264, meaning daily moves of about $2,000 to $2,500 are common right now. Traders are also watching whether the $83,000 level holds, as a hold could open a path toward $90,000.
As of 07:01 UTC on September 29, Bitcoin was trading between $83,000 and $84,000. Binance reserves stood near 685,000 BTC after the four-day decline.
The post Bitcoin (BTC) Price: 13,800 BTC Leave Binance in One Day appeared first on Blockonomi.
