Binance's Swelling Reserves Test Bitcoin's Price Strength

Binance now holds over 693,000 BTC in its reserves, accounting for about 30% of bitcoin reserves across major trading platforms.

This number represents a significant increase from late April, with Binance's reserves rising by approximately 77,000 BTC. The exchange's deep liquidity and SAFU fund may be contributing to this rise, as some investors transfer their coins to Binance during rallies or due to security concerns.

However, the increasing reserves pose a challenge for bitcoin's price, which is struggling beneath resistance. Glassnode reports that bitcoin remains trapped below a dense concentration of long-term holder supply around $83,000 to $85,000.

A break through this zone could signal further strength in the market, but if bitcoin loses its developing support cluster, $75,000 becomes the next major level to watch. A deeper breakdown could reopen the possibility of a full retracement toward $60,000.