Bitcoin Flooding Into Binance Ahead of CPI Announcement
Bitcoin inflows into Binance have surged over the past two weeks, which reflects heightened investor activity amid macroeconomic uncertainties.
According to an analysis by CryptoQuant, the Bitcoin reserve on Binance increased by 22,106 BTC, rising from 568,768 BTC on March 28 to 590,874 BTC on April 9.
Binance Reserve Jumps
CryptoQuant analyst speculated that the influx of Bitcoin into Binance could be linked to investor caution ahead of the US Consumer Price Index (CPI) report, which is due to be released on April 10. The uncertainty surrounding US economic indicators, coupled with President Donald Trump’s tariff adjustments, has added to the volatility.
Some analysts view the large inflows as a precursor to a possible sell-off, with investors preparing for potential price fluctuations. However, as market participants wait for clearer economic data, the situation remains fluid.
Meanwhile, cryptocurrencies gained ground on Thursday following Trump’s announcement that he would postpone some tariffs on several countries, excluding China. In a Truth Social post, he announced delaying tariffs for 90 days and slashing reciprocal tariffs to 10% for most countries while simultaneously increasing tariffs on China to 125%, effective right away.
All Eyes on CPI
Several top altcoins, such as Ethereum, XRP, and Solana, increased by 8%, 9%, and 7%, respectively, during the same period. Bitcoin also surged by almost 6% over the past 24 hours, briefly surging above $83,000.
According to pseudonymous crypto trader Ash Crypto’s latest analysis, despite the latest uptrend, there are multiple points that could challenge Bitcoin’s upward momentum. The 50-day moving average stands at $85,826, while the 200-day moving average sits just above at $87,000. Additionally, the most recent lower high was recorded at $88,765, adding further pressure to the price as it approaches these levels.
On the downside, Bitcoin has established a support level at $81,000, which will likely serve as a cushion if prices begin to pull back. As the crypto navigates these resistance zones, all eyes will be on the CPI, with a forecasted increase of 2.6%. The CPI data could significantly influence market sentiment and either propel Bitcoin past these resistance levels or trigger a consolidation phase, depending on the broader economic context.
The post Bitcoin Flooding Into Binance Ahead of CPI Announcement appeared first on CryptoPotato.
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Bitcoin Flooding Into Binance Ahead of CPI Announcement
Bitcoin inflows into Binance have surged over the past two weeks, which reflects heightened investor activity amid macroeconomic uncertainties.
According to an analysis by CryptoQuant, the Bitcoin reserve on Binance increased by 22,106 BTC, rising from 568,768 BTC on March 28 to 590,874 BTC on April 9.
Binance Reserve Jumps
CryptoQuant analyst speculated that the influx of Bitcoin into Binance could be linked to investor caution ahead of the US Consumer Price Index (CPI) report, which is due to be released on April 10. The uncertainty surrounding US economic indicators, coupled with President Donald Trump’s tariff adjustments, has added to the volatility.
Some analysts view the large inflows as a precursor to a possible sell-off, with investors preparing for potential price fluctuations. However, as market participants wait for clearer economic data, the situation remains fluid.
Meanwhile, cryptocurrencies gained ground on Thursday following Trump’s announcement that he would postpone some tariffs on several countries, excluding China. In a Truth Social post, he announced delaying tariffs for 90 days and slashing reciprocal tariffs to 10% for most countries while simultaneously increasing tariffs on China to 125%, effective right away.
All Eyes on CPI
Several top altcoins, such as Ethereum, XRP, and Solana, increased by 8%, 9%, and 7%, respectively, during the same period. Bitcoin also surged by almost 6% over the past 24 hours, briefly surging above $83,000.
According to pseudonymous crypto trader Ash Crypto’s latest analysis, despite the latest uptrend, there are multiple points that could challenge Bitcoin’s upward momentum. The 50-day moving average stands at $85,826, while the 200-day moving average sits just above at $87,000. Additionally, the most recent lower high was recorded at $88,765, adding further pressure to the price as it approaches these levels.
On the downside, Bitcoin has established a support level at $81,000, which will likely serve as a cushion if prices begin to pull back. As the crypto navigates these resistance zones, all eyes will be on the CPI, with a forecasted increase of 2.6%. The CPI data could significantly influence market sentiment and either propel Bitcoin past these resistance levels or trigger a consolidation phase, depending on the broader economic context.
The post Bitcoin Flooding Into Binance Ahead of CPI Announcement appeared first on CryptoPotato.
Read More