Bitcoin price tests support at $84.3K as Binance selling pressure drops to 6,300 BTC
Bitcoin recent price movements have been shaped by both fundamental and technical factors, with reduced selling pressure on Binance influencing market sentiment. After rallying 3.8% to a four-day high of $85,500 on April 1, Bitcoin is now facing resistance and has pulled back to $84,300 in the early European session on April 2. The market remains in a critical zone where selling pressure and support levels will determine the next move.
A key factor behind Bitcoin’s price action is the decline in selling pressure on Binance. According to CryptoQuant’s Joao Wedson, Short-Term Holders (STHs) are transferring significantly fewer Bitcoin to Binance compared to other exchanges. Currently, only 6,300 BTC is being sent to Binance, far below the 24,700 BTC average across other platforms. This indicates that Binance traders are adopting a neutral stance, possibly holding out for clearer market signals before making further moves. The lower selling pressure may have contributed to Bitcoin’s recent price resilience, while broader market uncertainty keeps a lid on gains.
Bitcoin holds 50 EMA support and RSI remains bullish
BTC/USD price dynamics (February - April 2025). Source: TradingView
From a technical standpoint, Bitcoin faces a decisive moment. On the 4hr chart, the 50 EMA currently provides support at $84,300, and the RSI remains in bullish territory, suggesting that buyers still have a chance to defend this level. However, failure to hold above $84,300 could lead to a retest of the $81,200 support level. If this breaks, Bitcoin could decline further toward the psychologically significant $80,000 mark. Conversely, a rebound from $84,300 could see a renewed push toward $85,500 and beyond.
Bitcoin’s immediate trajectory depends on how the market reacts to the current support level. Reduced selling pressure suggests a potential for stabilization, but a decisive break below $84,300 would shift momentum in favor of the bears.
Bitcoin pulled back 11% in Q1 2025 after hitting an all-time high in January. The price faced resistance at the EMA as high NVT signals potential overvaluation.
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