Binance resumes withdrawals as pressure on Bitcoin persists

what happened

According to TradingView, Binance has begun phased withdrawals, with the Bitcoin network reopened first and deposits left open throughout. The exchange completed its security checks and warned customers about possible congestion and delays.

On-chain data suggests about 1.1 million BTC are tied to an early miner often linked to Satoshi Nakamoto. Any movement of these coins would create visible network activity and could raise volatility in the BTC/USD spot CFD. Around 107 million dollars of positions were liquidated over 24 hours, 66 million in longs and 41 million in shorts.

Binance moved 7,499 BTC (about 581 million dollars) from its SAFU reserve to a single address, which it says restores roughly 90% of assets affected by the October 29 breach. Bitcoin traded near 76,650 dollars after a drop of about 6.5% from resistance around 81 to 82 thousand.

why it matters

Two factors matter for the market: possible selling by customers who withdraw funds once transfers reopen, and the risk of dormant coins moving. The review notes that the 76 thousand dollar area coincides with the 200-day moving average, so many participants treat a break below it as a sign of further declines.

market impact

Bitcoin and BTC/USD spot CFDs: possible selling by Binance customers pressures the price

• ▼BTC/USD pressure down — possible customer selling after withdrawals resume reduces liquidity

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