CryptoQuant statistics show a steady rise in BTC held in exchange wallets since February 6. Currently, 2.47 million BTC are held in exchange wallets, a 1% rise this month. This could stop a price increase since traders are transferring their coins to exchanges, possibly for sale.
The price of Bitcoin has been trapped in a narrow range since the beginning of February, with support at $95,650 and resistance at $98,663. The growing exchange reserves indicate that persistent sell pressure is holding BTC back. If this trend continues, the market could see a downside breakout, potentially pushing the price lower.
Adding to concerns, whale activity has dropped significantly. Last week, the netflow of large holders decreased by 299%, so more large investors are moving their BTC to exchanges. This is an indication of large selloffs that can lead other smaller traders to follow suit and lower prices even further.
Bitcoin may fall to $92,325 if it crashes below $95,650. But if demand is greater, Bitcoin can breach $98,663 and reach $102,753. It may even reach its all-time high of $109,356 in a solid rally.
Bitcoin remains at a crossroads today, and the traders are keeping a close eye on it to see if it can overcome selling pressure or take another dip.
