Bitcoin (BTC) continues to defend its support level of $112,000 from the day of lukewarm price action, and is unable to give any clear indications about the potential direction for the next move. Binance’s latest exchange data shows DIP in recent whale activities, suggesting that BTC likely avoided another large-scale sale.
Bitcoin protects $112,000 against whale sales
According to a post from the Arab Chain’s Contributor’s Encrypted Quick Take, recent data from Binance Crypto Exchange shows a sudden surge in whale activity in exchanges on September 7, when the BTC:Exching Whale ratio skyrocketed to 0.55.
However, this surge was soon followed by a metric decline as the BTC:exchange ratio fell to 0.28 on September 8th. However, the price is stable at around $112,500, suggesting that the whale movement is short-lived and has not led to a sale in BTC.
Cryptoquant analysts said that the drop in whale pressure towards the end of the period is a positive short-term signal. Essentially, the possibility of sudden price corrections driven by the sale of whales at Binance is significantly reduced. Arab Chain added:
Frequent whale fluctuations from late August to early September highlight the large number of key players still moving. This means that if risk remains and a large exchange inflow is converted into a market order, the market can be caught off guard by a sudden movement.
However, analysts warned that the relationship was not necessarily absolute. While metric rises are often associated with lower BTC prices, not all spikes lead to a clear drop in prices.
As can be seen in the chart above, there have been cases where whale activity surged over multiple days, with positive net inflows into exchanges. The Arab chain pointed out that such dynamics could lead to the failure to maintain the $112,000 level, which could potentially drop to $108,000.
Historical data from September shows that the beginning of the month is usually quiet in terms of whales’ pressure on binance, except for the occasional quick jump. This provides A safer environment Also, as it gradually rises, whales give the market the opportunity to put pressure on them, especially when overall demand is weak.
Has BTC still reached its peak?
BTC is currently about 10% below its latest all-time high (ATH) of $124,128, but some crypto experts have expressed their opinion that it has a flagship cryptocurrency. still It hits the peak of this market cycle.
A recent analysis shows Bitcoin researcher Suminston It was predicted This BTC could appear between $200,000 and $290,000 sometime in 2026. At press time, BTC will trade at $112,639, a 0.1% decrease over the past 24 hours.
Featured images from Unsplash, Cryptoquant and TradingView.com charts
