The inflow of Bitcoin (BTC) miners to the Binance exchange has exceeded 20,000 BTC for the second time this year, putting new pressure on the cryptocurrency's daily uptrend around the $75,000 support zone. Market analysts are debating whether BTC will maintain its bullish trend or enter a broader correction phase. This is reported by Cointelegraph.com reports.
According to crypto analyst Amr Taha, miners transferred approximately 21,000 BTC to Binance on May 18. Such large deposits by miners to exchanges are usually associated with increased selling activity to cover operational costs. Nevertheless, although Binance's BTC reserves rose from 618,600 BTC on May 6 to 634,000 BTC by May 26, no sharp decline was observed in the market.
Glassnode on-chain data indicates a slowdown in momentum rather than panic selling. The realized profit/loss ratio is currently around 1.56, which is significantly lower than the 2-5 range seen during strong bull markets. This indicator measures profits and losses on the network and suggests that buyer confidence has been moderate during the recent recovery.
Spot demand has also weakened over the last two weeks. After the Bitcoin price retreated from the $80,000 range, the spot volume delta shifted back into the selling zone. Analysts note that Bitcoin's long-term trend remains dependent on holding the $75,000 level.
According to technical analysis, a "head-and-shoulders" pattern has begun to form on the daily chart. If the price falls below $75,000, the next major support level is expected to be around $70,400. The RSI indicator also remains below the 50 level, signaling a lack of strength for a recovery.
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