Bitcoin Price Approaches $100,000 Amid Significant Exchange Outflows
Bitcoin is approaching the $100,000 mark again as it celebrates its 16th anniversary. After dropping below this level on December 19, 2024, Bitcoin has struggled to gain significant bullish momentum. Currently, BTC shows signs of recovery with a nearly 5% increase over the past week. A crypto analyst on the platform X indicated that Bitcoin's price setup suggests it is at a pivotal juncture.
Bitcoin Price Retests 50-Day MA — What Next?
Crypto analyst Ali Martinez shared insights on X regarding Bitcoin's price action, noting it is at a “critical point.” This assessment stems from Bitcoin's interaction with the 50-day moving average (50MA), a technical indicator for tracking medium-term price trends.
Historically, the 50-day MA has acted as both support and resistance. Currently, Bitcoin has broken below this average but is attempting to retest the breached support level.
Martinez cautioned that if the retest fails, Bitcoin could experience downward movement. Conversely, a sustained close above the 50-day moving average may invalidate bearish projections and signal an end to the current price correction.
As of now, Bitcoin's price is approximately $98,358, reflecting a 1% daily increase and nearly 5% over the last week, according to CoinGecko data.
Can Growing Exchange Outflows Trigger Fresh Bullish Momentum?
Martinez also noted on X that significant Bitcoin outflows from exchanges have occurred recently. Over 48,000 BTC, valued at more than $4.5 billion, were withdrawn in the past week, based on CryptoQuant data.
This movement indicates a shift in sentiment, suggesting investors are transferring coins to non-custodial wallets for long-term storage, reflecting increased confidence in Bitcoin's future. The outflows may also point to fresh buying activity, as investors opt to store newly acquired assets off exchanges. These outflows could signal bullish momentum for Bitcoin's price.
