Bitcoin’s price has mostly traded sideways since rebounding from Friday’s market crash, struggling to break past resistance at $115,892 while finding support near $111,098.
Despite the muted action, two analysts have identified bullish signals that could lead to a price recovery toward the $120,000 level in the near term.
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Rising Binance Exchange Flows Support Bitcoin’s Ongoing Bullish Structure
CryptoQuant analyst PelinayPA noted that Bitcoin’s market structure remains intact and continues to show signs of strength despite recent headwinds.
According to the report, one of the major supporting factors is the rise in Binance exchange-to-exchange flows, a metric that tracks the transfer of Bitcoin between major trading venues.
While assessed on a 7-day moving average, CryptoQuant’s data show that it has soared 125% in the past seven days.
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When exchange-to-exchange flows rise, it indicates heightened activity among large traders, institutions, or market-making entities moving funds between major exchanges.
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“Since early October, these flows have risen again, implying renewed activity among large players. However, b
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Author: Abiodun Oladokun
