Binance On-Chain Data Indicates Rare Bullish Divergence for Bitcoin Near $90K
Binance on-chain data reveals that Bitcoin withdrawals hit a seven-year high with 3,100 daily transactions as of December 3, marking the highest activity since May 2018. Meanwhile, deposits have declined to about 320 daily transactions, the lowest level since 2017. This significant divergence suggests that more BTC is being moved to cold storage for long-term holding, while reduced deposits indicate diminished sell pressure on exchanges.
The combination of record high withdrawals versus record low deposits creates a classic supply shock scenario, implying ongoing upward price discovery. Bitcoin remains range-bound in an approximately one-year pattern, trading near $80,000 to $81,000 with resistance levels around $117,000 to $122,000. A break above $109,000 is seen as necessary to reopen a larger bullish trajectory.
Momentum indicators show Bitcoin trading below both the 20-week and 50-week moving averages, indicating subdued momentum until it surpasses the $109,000 threshold. Conversely, a decline below $80,000 could establish a major demand zone between $62,000 and $71,000, serving as a potential buyer-supported bottom.
