The Bitcoin price has been making lower highs as macroeconomic uncertainty looms over the broader cryptocurrency market.

Macroeconomic uncertainty, exchange wars, and investor indecision continue to suppress the BTC price action. On Nov. 21, Bitcoin traded at $16,050, down almost 3% on the daily chart. 

Despite investor confidence dwindling in centralized exchanges, Binance maintained itself at the top of the rankings. The market bloodbath surprisingly did some good for Binance as the exchange took the top spot in terms of Bitcoin reserves. 

Binance leads Bitcoin exchange reserves

Coinbase Pro was the top dog in terms of Bitcoin reserves for the longest time. However, the recent market crash allowed Binance to knock Coinbase down a peg.

While this move marked absolute strength for Binance during this macro bearish period, what does it mean for the BTC price?

As the market was plagued with a negative sentiment, f the reserves of most other exchanges decreased. Binance, however, surpassed Coinbase Pro to take the top spot in terms of Bitcoin reserves leading with 584,083 BTC. Coinbase followed with 533,048 Bitcoins, while Bitfinex, Gemini, and Kraken took the third, fourth, and fifth spots. 

Binance topping exchange reserves would mean that Binance head Changpeng ‘CZ’ Zhao could play a key role in market momentum. However, if CZ makes any mistakes or ill comments, the same could prove to be the opposite for the entire market. 

BTC price low, but many sell at a loss 

An interesting trend to note was that when Binance exchange reserves spiked, the same saw a crash in BTC SOPR. Spent Output Profit Ratio (SOPR), which measures the profit and loss ratios according to the change between the coin’s buying and selling prices, crashed to 0.87 on Nov. 13. 

On the same day, 140,000 BTC entered the Binance exchange. This took the Binance exchange BTC reserves to 586,488, marking a new all-time high.

Despite this, on Nov. 19, Bitcoin SOPR tested its lowest bounds since March 2020, meaning that many BTC holders were selling at a loss. 

Despite the BTC price oscillating at long-term lows, analysts remained hopeful.

Analyst Will Clemente pointed out that the Bitcoin long-term holder metric had spiked to a near all-time high, despite a massive loss in price in the past year.

Additionally, long-term holder supply was at all-time highs.

Going forward, if the Bitcoin price can establish above the $16,796 level where 1.2 million addresses hold 1.1 million BTC, the level could become a strong support.

The BTC price currently has no solid support, so if bears pull the price action down further, it could test long-term lows near $11,000.

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