Cryptocurrency market today, December 6: Unusual signs of Bitcoin appear on Binance exchange

(NLDO)- Cash flow tracking data shows that the amount of Bitcoin poured into Binance in the past 30 days has skyrocketed, nearly reaching the highest level of the year.

On the evening of December 6, the cryptocurrency market recorded a slight decline. Data from the OKX exchange showed that in the past 24 hours, Bitcoin price lost nearly 1%, trading around $89,730.

Prices of many other cryptocurrencies also went down. Ethereum fell nearly 2% to $3,050; Solana dropped similarly to $133. XRP fell 1% to $2. BNB alone increased slightly by 0.2% to $890.

According to Cointelegraph , the short-term price movements of Bitcoin are being significantly impacted by fluctuations appearing on the Binance exchange.

There are many signs of increasing selling pressure, money flows tend to move abnormally and the market enters a period of strong volatility.

An index tracking the activity of large investor groups shows that the amount of Bitcoin being listed on exchanges is increasing significantly.

On Binance, the index has reached its highest level since April. The continuous transfer of assets by large investors often shows that they are preparing for the distribution phase, especially when the Bitcoin price has not been able to hold the $93,000 threshold.

Bitcoin is trading at $89,730 Source: OKX

This reflects stronger resistance above and the risk that price will have to retest support zones before having a chance to rise again.

Money flow tracking data also recorded a surge in Bitcoin inflows into Binance over the past 30 days, nearing a yearly high.

In the past, similar times have often occurred right before strong corrections.

At the same time, Binance continues to lead the market in USDT deposit transactions during the week, far surpassing other major exchanges.

This flow shows that investors are preparing for quick trading moves - from buying on dips to adjusting positions during volatile periods.

However, in the context of the current strong increase in selling pressure, this is considered a signal that the market is about to enter a cycle of major fluctuations, instead of a long-term accumulation trend.

If Bitcoin price loses the $90,000 mark, the amount of money waiting on the exchange could cause the decline to happen faster and stronger.

Conversely, if this support zone holds, the market could see a short-term reactive recovery.

Source: https://nld.com.vn/thi-truong-tien-so-hom-nay-6-12-dau-hieu-bat-thuong-cua-bitcoin-xuat-hien-tren-san-binance-196251206213027917.htm