Recovery of bitcoin prices greater than $ 100,000 could continue to deal with significant resistance while its exchange reserve continues to increase.
The trend indicates that more parts are moved to exchanges, probably for sales to sales. This exerts more downward pressure on the price of BTC and prevents more from exceeding the $ 100,000 mark.
Bitcoin exchange reserves reserve, ramp -up fears of sale
Crypto data show a regular increase in the BTC exchange reserve since February 6. When writing these lines, 2.47 million BTCs are organized in exchange portfolios, noting an increase of 1% since the beginning of the month.
Bitcoin Exchange Reserve refers to the total amount of the BTC held in exchange portfolios. When this increases, more parts are deposited in exchanges, indicating increased sales pressure on the market.
In particular, this trend coincides with the Movement of Prices laterally BTC since early February. In the past 15 days, the main cryptocurrency has been negotiated in a tight range, faced with resistance at $ 98,663 while finding support at $ 95,650.
The growing exchange reserve suggests that the persistent sales activity prevents a strong rise up. If the accumulation of exchange reserves continues, it could trigger a break down, which endangers the BTC of prices.
Another source of concern is the decline in the activity of BTC whales. During last week, the major holders of the Netflow part fell 299%, highlighting a large sale among them.
Large holders refer to whale addresses which hold more than 0.1% of the food in the circulation of an asset. Their Netflow measures the difference between the amount of the parts they hold and sell at a specified period.
When Netflow decreases, this means that the whales and institutional investors deposit more token in exchanges they do not withdraw. These signals have increased sales pressure from the main holders, a trend that could also encourage retail merchants to sell their assets, by further awarding the price of the BTC price.
BTC at a crossroads: will it break $ 98,000 or fall to $ 92,000?
If Selloff is intensifying, the BTC price could try to test the support at $ 95,650. If this level does not hold, the risks of money plunged $ 92,325.
On the other hand, a resurgence of demand could propel a break over the resistance formed at $ 98,663. If successful, BTC could extend its earnings to $ 102,753.
A violation of this price level could propel the room to its $ 109,356 summit, which he reached on January 20 for the last time.
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