news 
Bitcoin coils below $87K – But can THIS ignite a run to $100K?
The cryptocurrency market has witnessed a significant shift in recent times, with Bitcoin (BTC) experiencing an impressive rally. The asset’s price has risen from the $70K region without any hype-driven volatility, which signals a more sustainable momentum shift.
As of this writing, BTC is hovering around the $85,097 mark, showing a 0.68% increase over the last 24 hours. However, traders and investors are left wondering whether this run can ignite a move towards the highly coveted $100K range.
Whales withdraw $250 million in Bitcoin from exchanges
In an interesting development, whales have withdrawn approximately $250 million worth of Bitcoin from exchanges over four days. This significant withdrawal has sparked debate among market analysts, with some suggesting that this could be the catalyst for further upside.
A wallet linked to Abraxas Capital withdrew 2,949 BTC, valued at nearly $250 million, over four days. The withdrawal included a massive transaction of 505 BTC, worth approximately $42.64 million, which was taken from Binance. These transactions have been widely interpreted as deliberate accumulation and a reduction in supply on exchanges.
Moreover, these movements have bolstered bullish confidence, especially during consolidation phases. It is essential to note that the market has witnessed consistent green bars in terms of inflows, which suggests that this is not a sell-off event but rather an indication of internal rebalancing or futures-related strategies.
Liquidity appears controlled
Despite inflows dominating the flow chart, the price stability implies strategic repositioning rather than panic selling. The NVT Golden Cross read -0.73, indicating that the cryptocurrency’s value remains far below the 2.2 “overbought” threshold.
Additionally, the Stablecoin Supply Ratio (SSR) has increased by 1% to 14.41, solidifying available liquidity for further gains. This data could potentially give bulls a green light to push the asset higher and beyond the $87,500 resistance mark.
The lack of overheated indicators and strong institutional presence may provide the impetus needed for BTC to break out into the coveted $90K-$100K range.
While some may be skeptical about this potential run-up, it is essential to note that the majority of holders are currently in profit. Data suggests that a staggering 77.52% of investors are currently enjoying profits, while only 16.79% remain out of the money, significantly reducing the chances of forced selling.
As such, market participants must now focus on the impending resistance at $87,500 and await any potential breakouts or consolidations.
Source: https://ambcrypto.com/bitcoin-coils-below-87k-but-can-this-ignite-a-run-to-100k/
