BTC remains stable below $31,000 amid Binance.US trade discounts and USD withdrawal concerns

Bitcoin, the leading cryptocurrency, is currently experiencing a trading discount of around $1,000 on the Binance.US exchange, research firm Kaiko reports.

This price discrepancy has existed since June 22, according to a chart shared by Kaiko.

Interestingly, this rebate aligns with an announcement by Binance US on the same day, raising concerns about a possible suspension of USD withdrawals in the coming days.

As a result, the price of Bitcoin remains stable below the $31,000 level, leading to speculation and predictions about its future development.

Bitcoin is trading at a $1,000 discount on Binance.US amid concerns about USD withdrawal

Bitcoin is currently experiencing a trading discount of almost $1,000 on crypto exchange Binance.US, according to a tweet from research firm Kaiko.

This price discrepancy has been observed since June 22, as illustrated in a chart shared by Kaiko.

The rebate coincides with Binance US’s announcement on the same day, hinting at a possible cessation of USD withdrawals in the near future.

The Binance.US discount is impacting the price of Bitcoin as users concerned about USD withdrawals choose to sell their Bitcoin at a reduced price to get their funds.

This has caused the BTC/USD pair to trade at a discount of around $1,000 on Binance.US compared to other cryptocurrency exchanges.

While Binance US is currently offering USD withdrawal services, the exchange has advised users to consider stablecoins or convert their USD to continue trading cryptocurrencies.

Binance US anticipates that its banking partners will soon stop withdrawals in US dollars, which has created a sense of urgency among some users to sell their bitcoins at a lower price.

It’s worth noting that Binance is currently embroiled in a legal battle with the SEC, which has prompted the exchange to suspend USD deposits and notify users of the potential suspension of fiat withdrawal channels.

However, the expected shutdown of fiat withdrawal channels by Binance’s banking partners has not materialized yet.

Overall, the Binance.US trading rebate and concerns about USD withdrawals have had a noticeable impact on Bitcoin’s price as users look to alternative options to access their funds.

bitcoin price

Bitcoin’s current price is $30,384 accompanied by a trading volume of $14.5 billion in the last 24 hours.

During this period, Bitcoin saw a minor increase of less than 0.50%.

According to CoinMarketCap, Bitcoin tops the list with a live market cap of $589 billion.

The circulating stock consists of 19,413,237 BTC coins while the maximum supply is capped at 21,000,000 BTC coins.

Bitcoin Price Prediction

On the daily chart, BTC/USD is facing significant resistance around $31,000 which is being reinforced by the formation of a double top pattern.

The closing of neutral candles like the doji and gyroscope combined with this level of resistance suggests easing bullish sentiment and exhaustion among buyers. Consequently, a minor correction in Bitcoin price is expected.

It is worth noting that immediate support is evident near $29,600.

A break of this support level could result in further downside, with the next key support at $28,250, which coincides with the 50-day exponential moving average.

If the price dips below $28,200, subsequent support is likely to be around $26,750.

Bitcoin price chart – Source: Tradingview

Looking at the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), both indicators currently remain in overbought territory, suggesting the possibility of a bearish correction.

On the other hand, if Bitcoin crosses $31,000, the next target to monitor is around $32,500.

If the momentum holds, the next target could potentially be around $34,000.

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