The post Examining Binance’s Impact on Bitcoin’s Price Decline appeared first on Coinpedia Fintech News
Popular analyst Credible Crypto has pointed out that on Binance, the stacked bids have been removed, and new sell orders have taken their place, tilting the order book in favor of sellers above buyers below. This situation suggests caution, especially considering Bitcoin’s recent highs of around $27,000.
He suggests that if Bitcoin goes just below $26,000, it might be a good time to turn positive again for a potential rebound. He also mentioned that $28,100 isn’t a strong resistance level, with $27,000 being the more significant one to watch.
He wrote, “We were right to be cautious at the 27k highs, the path of least resistance (in the short term) remains down. Again, target just under 26k’s as an ideal downside target, at which point I think it makes sense to become bullish again for a reversal.”
The stacked bids on Binance were just pulled and fresh asks have filled
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