Binance Reserves Weigh on Bitcoin Price Above $77,000

Bitcoin's price struggled to gain momentum above $77,000 on Saturday as exchange reserves rose to their highest level in two years. Binance's BTC reserves exceeded 693,000, accounting for around 30% of bitcoin held across major platforms.

The surge in exchange balances has increased the amount of bitcoin available for sale, although it doesn't necessarily indicate sellers' intent. Binance's SAFU fund purchase plan and demand for third-party custody may contribute to the increase.

Bitcoin remains below a concentration of long-term holder supply around $83,000 to $85,000, according to Glassnode. Elevated exchange reserves and supply from existing holders have kept pressure on bitcoin after its recent gains.