Bitcoin Faces Binance Sell Wall Near $85,000 as ETF Inflows Decline
The sell wall has tripled since Sept. 24, while Bitcoin’s first support level sits at $77,200.
Bitcoin (BTC) is confronting a sell wall between $85,000 and $85,500 on Binance’s spot order book as U.S. spot Bitcoin ETF inflows decline steadily after Sept. 22.
The wall has tripled in size since it appeared Sept. 24. Bitcoin’s first support level below the market is $77,200, identified as the asset’s real market mean price.
U.S. spot Bitcoin ETFs recorded net inflows of $999 million on Sept. 21 and $364.4 million on Sept. 22. The inflows then declined steadily, reaching $24 million on Sept. 28.
Bitcoin’s total average daily trading volume is about $6.4 billion, near the lower end of its range since spot ETFs launched. The decline in ETF inflows and subdued trading activity point to weaker participation around the market’s current levels.
Selling by long-term holders has also increased. Their share of total realized profits rose from 34% to 55%, indicating that more realized gains are coming from investors who have held Bitcoin for an extended period.
A move above the $85,000-$85,500 sell wall with higher trading volume and renewed ETF inflows would confirm a broader uptrend. A daily close below $77,200 would weaken the trend.
