Analyst: Bitcoin Selling Pressure on Binance Has Faded — Consolidation Ahead?

Core Insights - Bitcoin and the broader crypto market experienced a temporary upward movement on October 20, but bears regained control, leading to a 3% decrease in the global crypto market cap to $3.66 trillion, with Bitcoin dropping from a high of over $111,700 to $108,000 [1] - Despite the selling pressure on Binance declining sharply, the overall Bitcoin net flows into Binance have been negative on average over the past 30 days, indicating potential accumulation phases [2] - The market remains uncertain, with Bitcoin flowing out of Binance and weak buying force, as evidenced by $108 million in USDT inflows and a net outflow of $93 million across the top 13 exchanges [3] Market Dynamics - A new 100% tariff threat on China has triggered $19.35 billion in liquidations and a $400 billion selloff, acting as a significant negative catalyst for the cryptocurrency market [4] - Upcoming macro events, including the Fed's "Payments Innovation Conference" and a pro-crypto roundtable, have not been able to sustain bullish momentum despite positive expectations [4] - The crypto market is currently driven by short-term trends and high volatility, with a need for macro clarity to enable informed investment decisions in high-risk assets [5]