Good morning from the Binance OTC desk!
Since last week BTC has been trading towards the downside after a failed attempt to break back above the range highs around $23k. To kick start the week yesterday BTC experienced higher than usual intraday volatility especially around the NY open. We saw wild swings to the upside bang on the opening bell, as BTC shot up 1.1% stopping out traders who went short overnight, before subsequently moving 2% towards the downside and finding support around $20,300. Throughout the rest of the day BTC remained range bound, however during early Asian hours selling volume picked up as BTC broke through the support and is now currently trading back below $20k. The overall narrative still remains the same with the market pointing further towards the downside, daily buyside volume is still way below average as sell side volume still dominates. Moving forward if BTC does not see a strong solid bounce back above the range highs, we are likely to see a retest of the June lows which could potentially lead to a further breakdown.
Our OTC desk has seen a significant increase in selling of the following coins:
SOL
DOGE
APE
Please do get in touch with the OTC team for any of your trading needs!
[email protected] The above does not constitute financial advice nor does it reflect Binances official positions
