Bitcoin Drops Below $105K as Binance Net Taker Volume Turns Deep Red

Samuel Edyme

12 hours ago

2 mins read

Bitcoin Drops Below $105K as Binance Net Taker Volume Turns Deep Red

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Bitcoin’s recent rally appears to have paused as the asset declined to just above $104,000 following a 2.1% drop over the past 24 hours. This latest movement signals a potential shift in short-term market momentum, with traders increasingly opting to exit positions.

While the broader cryptocurrency market has experienced similar pullbacks, Bitcoin’s trajectory is attracting closer scrutiny due to its influence on overall sentiment and market structure.

Analysts are looking into how external factors, particularly geopolitical developments, are impacting trading behavior. One such development is the reported military engagement between Israel and Iran on June 13, which triggered sell pressure across high-risk assets, including digital currencies.

Amid these events, key metrics on Binance, particularly Net Taker Volume, are showing increased sell-side dominance, suggesting short-term volatility may continue.

Binance Net Taker Volume Hits Multi-Week Low Amid Bitcoin Panic Selling

According to on-chain analyst Amr Taha on CryptoQuant’s QuickTake platform, Bitcoin’s Net Taker Volume on Binance fell to -$197 million, the most negative reading since June 6.

This metric, which compares aggressive selling to aggressive buying, indicates heightened urgency among traders to sell at market prices, bypassing limit orders. The seven-hour moving average (7HMA) has remained in negative territory since June 12, reinforcing the current downward pressure.

Bitcoin Net Taker Volume on Binance. | Source: CryptoQuant

Historically, such extremes in net taker volume have been linked to local price bottoms, as they often signal panic-induced capitulation by retail and overleveraged traders.

Taha highlighted that a similar event occurred on June 6, followed by a 4% rebound in Bitcoin’s price within 24 hours. The implication is that, while aggressive selling may signal weakness, it also presents conditions that have previously preceded price reversals.

Geopolitical Shock Triggers Liquidation Cascade, May Signal Local Bottom

Taha also pointed to the geopolitical backdrop, specifically the sudden escalation between Israel and Iran, as a major catalyst for recent market behavior. News of the strike led to a surge in liquidation activity, especially among long-leveraged positions.

The correlation between the timing of the conflict and the spike in Binance sell volume suggests that traders are reacting to broader market uncertainty, contributing to downward momentum.

Despite this, Taha still views these conditions as potentially bullish in the medium term. Heavy selling often flushes out weaker hands, creating opportunities for long-term holders or institutional participants to accumulate positions at lower prices.

Taha suggests that while the short-term outlook remains volatile, the current setup resembles previous recovery phases, marked by contrarian buying and reduced selling pressure.

Bitcoin (BTC) price chart on TradingView — BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-e, Chart from TradingView

Samuel Edyme

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.

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