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Bitcoin has seen a modest decline in price after climbing above $94,000 earlier in the week. At the time of writing, BTC is trading at $92,775, reflecting a 1.3% decrease over the past 24 hours.
The move comes after a multi-day rally that saw Bitcoin gain nearly 10% since the beginning of the week, raising questions about whether the recent momentum is sustainable or a temporary uptick amid broader market uncertainty.
While price action has stalled slightly, on-chain data and exchange behavior are beginning to shape a clearer narrative for Bitcoin’s short-term outlook.
Shift in Exchange Flows Signals Accumulation and Reduced Selling Pressure
According to a new analysis from CryptoQuant contributor Novaque Research, investor behavior on Binance, currently one of the largest retail-focused crypto exchanges, may offer valuable insight into what comes next for BTC, particularly regarding liquidity conditions, positioning, and potential short-term price squeezes.
Novaque Research pointed to notable changes in exchange flow patterns that appear to coincide with Bitcoin’s recent price behavior. Between April 6 and April 10, Bitcoin inflows into Binance exceeded 15,000 BTC.
During this same period, Bitcoin’s price hovered in the $85,000 to $87,000 range. The analysts interpret this as indicative of increased sell-side pressure, likely driven by short-term traders liquidating positions or preparing for tax-related obligations.
In contrast, between April 19 and April 23, Binance experienced over 15,000 BTC in outflows as the price moved above $93,000. This activity suggests a shift toward accumulation, with investors moving assets into self-custody—a trend often viewed as bullish since it implies reduced short-term selling risk.
Supporting this view, the Exchange Reserve metric shows a declining trend since April 18, while the Exchange Whale Ratio fell below 0.3 on April 23, suggesting that large-volume traders are stepping back, and the market is becoming more influenced by retail behavior.
Bitcoin Short Squeeze Potential Emerges as Leverage and Whale Activity Decline
Alongside changes in exchange flows, Novaque Research notes that the structure of Bitcoin’s leveraged positions has also evolved. According to the analysis, leveraged long positions were largely flushed out in the $82,000 to $88,000 range, indicating that many short-term traders exited during the recent price swings.
At the same time, short positions remain concentrated just above the $92,000 level, which could make them vulnerable to a short squeeze if the market gains further upward momentum.
The report concludes that market conditions are now more balanced, with fewer large players influencing price direction and thinner liquidity zones above current levels. The CryptoQuant contributor noted:
With the market structure cleaned up and liquidity thin above present levels, any trigger (ETF flows, Fed pivot , EM weakness) may rapidly propel BTC above $98K-$100K.
Featured image created with DALL-E, Chart from TradingView
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
