Bitcoin Faces $60K Plunge as Binance Tightens Grip

Traders of Bitcoin are once again focused on the BTC price decline after bulls were unable to break above $65,000.

A potential “liquidation cascade” toward $50,000 is what analysis suggests Bitcoin faces as its price comeback fizzles.

In his most recent market comments on X, famous trader Credible Crypto presents a bleak short-term outlook for Bitcoin BTC$62,420 bulls.

Analysis of Bitcoin prices indicates that “range lows” may reappear.

Although the price of bitcoin has increased by over 40% since its August swing bottom, the market needs help to hold onto these most recent gains.

TradingView data indicate that on August 27, BTC/USD was trading at a 1% loss, down from the previous day’s local highs of $65,100 on Bitstamp.

The writing is already on the wall for market players; some contend that buyers need to be in a position to maintain the current short-term upswing.

Credible Crypto informed X followers that Binance “wants blood.”

“Since our local top Coinbase spot takers have actually begun buying again but Binance spot takers are selling 2x as much. OI still quite high and lots of liquidity below.”

Credible Crypto alluded to open interest and spot market selling volume on Binance, the most significant worldwide exchange for Bitcoin futures.

“A liquidation cascade back down to our range lows could be triggered if Binance sellers keep up the selling pressure (I’m expecting this as I’ve made clear over the last few days; the question right now is simply how long it will take to occur),” he said in closing.

Crypto Chase, a fellow trader, is similarly pessimistic about upside continuance.

Within his most recent trading plan update to X followers, he raised the prospect of a return that fell short of $60,000.

He said, “I think we head back towards mid-50K’s, if not lower if we lose 59K~ cleanly.”

Crypto Chase admitted that late offers in that range might need to be met and that the picture could favor the bulls.

ETF inflows for bitcoin increase bullish wagers

Macro-based viewpoints, on the other hand, center on the possibility that the cryptocurrency markets and Bitcoin will surpass the overall risk-asset recovery.

Crypto bulls should be in for some pleasant surprises in the future, according to trading firm QCP Capital, because of the possibility of easing US financial policy in the form of interest rate decreases.

QCP highlighted continuous robust inflows to US spot Bitcoin exchange-traded funds (ETFs) as an indication of the general health of the market in its most recent message to Telegram channel followers.

It pointed out that this contrasted with net outflows for the recently introduced spot Ether ETH$2,627 ETF products.

It stated, “ETH spot ETFs have experienced outflows for eight days, while BTC spot ETFs have seen strong inflows for 12 straight days.”

“BTC’s dominance in the options market reflects the macro-driven nature of the current rate-cut regime.”