Bitcoin Falls Below $120K Amid Buyer Retreat
Bitcoin has slid below $120,000 after peaking above $124,000 last week, marking a 7.7% drop from its all-time high and a 3% decline over seven days. Data from CryptoQuant’s QuickTake shows that waning buy-side momentum on Binance has driven recent price weakness.
Between early August and August 22, Binance’s Volume Delta turned negative as net outflows from buyers approached $600 million, indicating that sellers are dominating spot markets. Meanwhile, unusual transfers of Bitcoin from Binance to miner wallets suggest miners are withholding supply, hinting at potential future support by reducing immediate selling pressure. Traders should monitor spot market demand and miner behavior for signs of renewed strength or further correction.
Bearish
The pullback below $120K reflects a clear loss of buyer momentum and profit-taking at resistance near all-time highs. Negative Volume Delta on Binance, with net outflows around $600 million, signals that sellers currently dominate spot markets. Similar sharp corrections occurred after previous record peaks when spot demand thinned, as seen in May and July. While miner transfers to cold wallets suggest potential supply reduction, the immediate effect remains bearish until fresh buying pressure returns. In the short term, traders may face further volatility and consolidation around $115K. Long-term stability hinges on renewed institutional and retail demand to absorb supply and push prices back toward new highs.