Impact of Binance on Bitcoin price

Bitcoin is currently trading above 9300$, and World’s largest exchange Binance is gearing up its 12th Initial Exchange offering session tomorrow. We have noticed a significant price change in bitcoin on previous launchpad sessions. Looking at current Bitcoin price action, and increased open interest on Bitmex – we could expect a major move soon most probably tomorrow or day after tomorrow.

Let’s look at how bitcoin price performed during last 5 Launchpad sessions:

We have compared the last Four launchpad sessions on this chart to track Bitcoin’s price performance during these sessions. Bitcoin saw an average 6% drop during the last four launchpad sessions.

• TROY Launchpad

Session Date: 4-12-2019

Price Performance: Bitcoin dropped by 8.8% on Launchpad Session Day.

• KAVA Launchpad

Session Date: 24-10-2019

Price Performance: Bitcoin dropped by 10.35% a day before the launchpad session.

• BAND Launchpad

Session Date: 17-9-2019

Price Performance: Bitcoin witnessed a moderate 1.5% drop.

• PERLIN Launchpad

Session Date: 25-8-2019

Price Performance: Bitcoin dropped by 4.14% on launchpad day.

Bitcoin Technicals

Bitcoin Price is currently moving in an uptrend channel on the daily timeframe. Looking at current bullish momentum on the lower time frame, I can expect bitcoin to move towards the 9800-9900$ area and test the top of this uptrend channel, and find a rejection from there. Based on rejection: we can expect bitcoin to find support around 8500-9100$ area. 8500$ is an unfilled CME GAP- which might get filled during this drop. Open interest is sitting close to 1B$ on Bitmex is also suggesting a deeper pullback soon.

Update – 5/2/2020

Bitcoin price dropped by 4.23% after getting rejected at 9600$ on the 12th Binance launchpad session that happened on 3rd February.