Bitcoin’s price has been a rollercoaster lately! After hitting a record high of $112,000, it’s now chilling out, bouncing around key support and resistance levels. No one’s quite sure what’s next – a big jump to new highs, or a serious price drop.
On-Chain Data Hints at Bullish Sentiment
But here’s the interesting part: even though the price is a bit wobbly, some data suggests things are actually pretty strong under the surface.
Since March 10th, 2025, more Bitcoin has been leaving exchanges than entering them. This means people are holding onto their Bitcoin instead of selling it. We’re talking about a daily outflow of around 3,600 BTC – a pretty significant amount! This is generally considered a good sign, showing investor confidence and less selling pressure.
Uncertainty and External Factors
The market is definitely feeling uncertain. Bitcoin’s price is struggling to find direction after its peak, and there’s a lot of debate about what will happen next. Rising U.S. Treasury yields are adding to the pressure, making risky investments like crypto more sensitive to the overall economy.
Despite this uncertainty, the fact that so much Bitcoin is leaving exchanges points to strong underlying demand. This trend contrasts sharply with December 2022, when a massive amount of Bitcoin flowed into exchanges, indicating heavy selling.
Price Action and Key Levels
Currently, Bitcoin is trading around $105,338. It’s shown some resilience, bouncing off support at $103,600. This is a crucial level for bulls (those who expect the price to go up). Breaking above $109,300 could signal a renewed push towards the all-time high. However, falling below $103,600 could lead to a more significant price drop. Trading volume has been relatively low, so a big jump in buying would be needed to confirm a real upward trend. For now, Bitcoin is stuck in a range, and the next few days will be key to determining its next move.
