Bitcoin (BTC) has surged by 8%, establishing $100K as a key support level, bolstering expectations of an all-time high retest. Following volatility, Bitcoin has made significant recoveries, with investors optimistic about its bullish momentum.
Analyst Axel Adler notes Bitcoin's outflow from exchanges hints at long-term holder accumulation and potential price appreciation. This trend reduces available supply, building demand pressure, potentially triggering Bitcoin's entry into price discovery.
Bitcoin now trades above $105K, backed by positive market sentiment post-Federal Reserve meeting. A negative Netflow-to-Reserve ratio suggests a bullish signal, reinforcing strong accumulation activity. As BTC hovers near ATH, maintaining $103,600 support is critical to sustain its uptrend.
Moving past key resistance levels could confirm a bullish breakout and an opportunity for further price discovery, yet traders remain cautious. The coming days are pivotal in determining Bitcoin's trajectory toward new highs amidst rising demand and decreasing supply.
Source : www.newsbtc.com ↗