Bitcoin traders on Binance showed strong signs of bearishness as July ended, with net taker volume dropping sharply.
This shift came just before the U.S. Federal Reserve’s July 30th meeting as new labor data bumped market uncertainty.
Meanwhile, Bitcoin’s outlook for August remains mixed, signaling broader trader caution.
Traders on Binance are Turning Bearish Fast
Bitcoin saw a major shift in trader behavior on Binance as net taker volume fell deep into negative territory.
According to analyst Amr Taha from CryptoQuant, this change showed that many traders were either selling Bitcoin or opening short positions.
It happened in the last week of July and pointed to growing fears about where Bitcoin might go next.
Binance Net Taker Volume | Source: CryptoQuant
It is important to add that the data showed net taker volume hitting a negative value of $80 million. That means more traders were selling than buying, and most were doing so with urgency.
Taha explained that this
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