Binance Expands SAFU Fund With 1,315 BTC While Bitcoin Targets $84K

Binance expanded its Secure Asset Fund for Users by adding 1,315 BTC, valued at approximately $100.7 million, on Monday, February 2, according to Bitcoin Magazine. 

The move strengthens Binance’s SAFU reserves, an emergency protection pool designed to cover potential user losses during security incidents, system failures, or other unforeseen operational risks amid heightened volatility across global crypto markets.

Source: Bitcoin Magazine X Post

Arkham Intelligence has also confirmed that the tokens have been moved into wallets that are directly linked with the SAFU Fund, indicating that the funds are not being used for operations but are being segregated for user protection. 

The regular top-ups of the SAFU funds are also seen as a measure of the financial stability of an exchange, especially with the growing regulatory pressures on exchanges in the wake of global regulatory changes.

Also Read: Bitcoin (BTC) Slides After Failed Recovery Bears Push Price Toward Support

BTC Weekly Chart Signals Further Downside Pressure

Despite this on-chain achievement, BTC’s weekly chart still reflects a corrective process from price rejection at the $95,000 to $93,000 resistance zone, according to TradingView, as of Monday, February 2. 

BTC is currently at $77,600 and below both the 20-week and 50-week exponential moving averages, which have turned down to reflect decreasing trend strength. The price remains vulnerable to the 200-week EMA at $68,400.

Source: TradingView

Momentum indicators also support the bearish view. The Relative Strength Index on the weekly chart is moving into the low 30s, which is a sign of diminishing buying pressure and an oversold condition, but not a sign of a reversal. 

Additionally, the MACD is deeply negative with increasing red bars, showing the dominance of sellers on the higher timeframe.

Bitcoin Price Stabilizes Near Support, $84K Target Ahead

Bitcoin also experienced a significant correction in the past week, declining by 20% in just seven days due to aggressive long liquidations in the market, crypto analyst Lennaert Synder reported on Monday, February 2. 

Liquidation in a market is a temporary sign of exhaustion, and traders need to keep an eye on significant liquidity zones to look for a potential recovery.

Source: Lennaert Synder X Post

Technically, the price is being closely monitored at the $79,388 price point, which is being seen as a near-term resistance on the four-hour price chart. 

A successful retest of this price point could potentially open up the way for the price to reach the liquidity at the $84,635 price point. However, a failure to hold the current price could result in more selling, with higher liquidity still remaining below the $74,450 point.

Also Read: Bitcoin (BTC) Crashes 13% as Saylor Buys the Dip