Bitcoin Dips Below $115K as Binance Spot Volume Tops $6B
Bitcoin dipped below $115,000 on August 18, triggering nearly $300 million in liquidations as investor confidence wavered. Meanwhile, Binance’s BTC spot volume surged past $6 billion, one of the largest spikes this month and a potential sign of institutional and retail accumulation. CryptoQuant data show a drop in the Binance Whale-to-Exchange flow from $6.4 billion to $5 billion over the past week, suggesting fewer large holders are moving BTC to exchanges for selling. Historically, strong spot buying during price dips can ease selling pressure and lay the groundwork for a rebound. Technical analysis indicates Bitcoin remains on its weekly trendline and could target $130,000 in the coming weeks if current demand holds. However, analysts warn of a “brutal September” and possible renewed selling pressure in the next one to two weeks. At press time, Bitcoin trades near $115,500, balancing early stabilization signals against looming market risks.
Bullish
The surge in Binance spot volume above $6 billion amid Bitcoin’s price dip, combined with declining whale-to-exchange flows, indicates strong buying interest from institutional and large investors. Historically, similar spikes in spot volume during market corrections—such as in March 2023—preceded rebounds as selling pressure eased. The drop in whale deposits suggests major holders are less inclined to sell, supporting price stability. Technical analysis of Bitcoin’s weekly trendline also points to upside potential toward $130,000 if demand persists. While near-term risks like a challenging September remain, these are likely temporary fluctuations rather than a shift in the broader uptrend. The convergence of high spot volume, reduced whale flows, and trendline support underpins a bullish outlook for both short-term recovery and longer-term gains.