Binance Sales Pressure Bitcoin, but ‘Uptober’ Might Revive Bull Run

Bitcoin prices experienced a 2% drop over the past 24 hours, falling below $111,000 on Friday. The decline is mainly driven by sales activity spearheaded by Binance, according to CryptoQuant. Despite this, analysts at CryptoQuant believe this is a short-term correction rather than the end of a bullish trend. The market behavior, as indicated by three crucial indicators – the Coinbase Premium, Funding Rate, and Taker Buy/Sell Ratio – points to an intense bout of selling pressure from Binance.