Bitcoin starts 2025 strong, nearing the $100,000 mark on its 16th anniversary. After falling below this level in late 2024, BTC is recovering with a 5% weekly increase. A crypto analyst sees Bitcoin at a critical point, retesting its 50-day moving average.
The analyst's insights reveal Bitcoin's price setup suggests pivotal market conditions. If BTC remains above this technical support, the downtrend might reverse. Current price stands around $98,358, showing a 1% daily increase, and a significant 5% rise in a week.
Adding to the hopeful outlook, there's been a large outflow of Bitcoin from exchanges. In the past week alone, over 48,000 BTC, valued at more than $4.5 billion, have been moved to non-custodial wallets, signaling stronger investor confidence and potential new bullish momentum.
This withdrawal indicates a shift in sentiment, with investors possibly storing BTC for the long term. Such behavior could confirm the bullish trend many expect from BTC's price movement.
