Bitcoin’s Rising Exchange Reserve May Prevent a $100K Surge
As its trade reserves continue to rise, Bitcoin’s price recovery rate exceeds $100,000 may continue to face significant resistance.
Trends suggest that more coins are being transferred to exchange, possibly in order to continue selling. This puts more downward pressure on BTC’s price and makes it far exceed the key of $100,000.
Bitcoin exchange reserves surge, increasing fear of selling
Data from CryptoQuant shows that BTC’s trading reserves have risen steadily since February 6. As of this writing, 2.47 million BTC was held in the exchange wallet and noted a 1% increase since the beginning of this month.
Bitcoin trading reserves refer to the total amount of BTC held in the exchange wallet. When this spike, more coins are stored on the exchange, indicating that sales pressure on the market has increased.
It is worth noting that this trend is related to BTC’s Side price movement Since early February. The leading cryptocurrencies have traded in close ranges, facing resistance of $98,663 while looking for support at $95,650.
Rising trading reserves show that continued sales activity has prevented strong breakthroughs. If the accumulation of exchange reserves continues, it may trigger a downside breakthrough, putting BTC at risk of price correction.
Another concern is the decline BTC Whale Activities. Netflow for large holders of coins has dropped 299% over the past week, highlighting the major sell-offs.
Large holders refer to whale addresses that hold more than 0.1% of the recurrent supply of assets. Their NetFlow measures the difference between the number of coins it holds and sells during a specified period.
When NetFlow dropswhich means whales and institutional investors deposit tokens into more tokens rather than exiting. This signal increases sales pressure among major holders, a trend that may also prompt retailers to sell their shares, further increasing pressure on the price of BTC.
BTC at the intersection: Will it break $98K or drop to $92K?
If the sell-off intensifies, The price of BTC is OK Try testing support for $95,650. If this level cannot be held, the coin may drop to $92,325.
On the other hand, a resurgence of demand may push the breakout above, which is the resistance of $98,663. If successful, BTC can extend its earnings to $102,753.
The possibility of violating this price level could push the coin’s all-time high of $109,356, last hit January 20.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
