Bitcoin Stalls Below $110K as Binance Mid-Tier Inflows Surge
Bitcoin is treading carefully below the $110,000 resistance zone, signaling a period of market indecision after testing local highs. Currently priced around $107,446, the asset is up just 0.65% on the day, but the surface calm belies a deeper shift underway in the broader market dynamics—particularly on Binance, the world’s leading exchange by volume.
While BTC brushed a daily high of $107,884, the crypto market leader’s behaviour suggests that bulls are taking a breather. However, both technical indicators and on-chain wallet activity hint that a larger move may be approaching.
Bitcoin Technical Picture: Building Energy Below Resistance
Price action over the past few days shows Bitcoin locked in a tightening range, with higher lows and moderate gains indicating quiet accumulation. The $107,000–$110,274 region remains pivotal: a breakout above this level could unleash a new wave of buying momentum, potentially propelling Bitcoin toward $111,696. Failure to break higher, on the other hand, might expose support zones at $103,985 and further down at $101,508 and $100,963.
Daily chart for BTC/USDT (Source: TradingView)
The EMA structure adds nuance to this setup. The 9-day EMA is holding above the 20-day EMA, a sign of trend strength beginning to build. However, the slope remains modest, reflecting the lack of urgency in current price action.
Momentum indicators like the MACD continue to tilt bullish. The histogram has been widening, a visual cue that buying pressure is increasing, even if price action hasn’t fully followed through yet. Similarly, the RSI hovers in the mid-50s—not overheated, but far from bearish, giving Bitcoin plenty of headroom to rally if the right catalyst arrives.
Binance On-Chain Data: Mid-Tier Players Take the Reins
In a revealing on-chain report by CryptoQuant contributor “oinonen,” attention has turned to who exactly is moving BTC onto exchanges.
Binance data shows a major uptick in deposits from wallets holding between 10 and 100 BTC, which now account for 40% of all Bitcoin inflows on the exchange. These wallets—belonging to high-net-worth individuals and trading firms—have surpassed even whale-level inflows (100–1,000 BTC), which currently make up just 20%.
Interestingly, whales still made a splash on June 16, when a massive 10,000 BTC inflow accounted for 83% of Binance’s activity in a single day. This underscores a dual force in the market: the steady presence of mid-tier contributors and the occasional dominance of mega-whales. Both groups appear to be active, suggesting a broad-based accumulation trend.
What’s perhaps more telling is the average Bitcoin deposit size, which has jumped from 0.36 BTC in 2023 to 1.65 BTC in 2024. Binance processed $21.6 billion in user deposits this year, dwarfing its competitors and pointing to growing institutional and high-net-worth interest.
The takeaway? While retail may be quiet, the market is still moving—just with deeper pockets and quieter accumulation.
Trading Outlook: Entry and Exit Strategy
For bullish traders, a daily close above $110,274 would serve as confirmation for entry, especially if volume picks up. This would open a potential run toward $111,696 or higher, particularly if reinforced by continued institutional and mid-tier inflows.
If BTC fails to break resistance and begins to slide, short traders may look to fade the rally near $110K or wait for a clean break below $103,985 to ride downward momentum toward lower supports. In either case, watching the interaction between price and these key zones will be critical.
Given the neutral RSI and steadily building MACD, the market may be coiling for a sharp move—traders should be prepared for volatility to return.
Conclusion: Calm Before the Storm?
Bitcoin may be moving sideways, but beneath the surface, the market is anything but stagnant. The rise of mid-tier wallet inflows alongside increasing average deposit sizes hints at a more mature phase of accumulation. Combined with strengthening technical momentum, BTC could be setting the stage for a breakout—so long as the bulls can reclaim and hold above $110,000.
Until then, the market remains in watch-and-wait mode, but signals suggest the next big move may not be far off.
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