Bitcoin is holding firm around the $104,000 mark after a sharp rally driven by days of sustained buying pressure and renewed market optimism. Bulls regained control when BTC reclaimed the $90,000 level in late April, reversing months of aggressive selling that had weighed on price action. The shift in sentiment has been clear, with bullish momentum building quickly and pushing the market back into key supply zones.
Supporting this trend, on-chain data from CryptoQuant reveals that over 110,000 BTC have been withdrawn from exchanges in the past month. Historically, large outflows from centralized platforms signal growing investor confidence and reduced sell-side liquidity—two key components of strong upward trends. This behavior often precedes major rallies, as long-term holders tighten supply while sidelining coins from near-term trading.
Now, with Bitcoin trading just below all-time highs, the market appears to be entering a new phase. Investors are watching closely as BTC consolidates above $100K, with analysts suggesting that the current structure sets the stage for another leg higher. If exchange withdrawals continue and sentiment stays bullish, a break toward the $109K all-time high could come sooner than expected.
Bitcoin Faces Final Resistance Before Price Discovery
Bitcoin is now preparing to test uncharted territory after enduring months of heavy selling pressure and persistent market skepticism. Following a strong recovery since late April, BTC is currently finding resistance around the $105,000 level — a critical price point that could define the next phase of the cycle. This area, just shy of the all-time high, is likely to attract both profit-taking and speculative interest, which may result in increased volatility before a decisive breakout.
If bulls manage to push above the $105K mark, a surge toward new all-time highs would be imminent. However, this level also represents a psychological barrier that could trigger a short-term rejection. Despite
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Author: Sebastian Villafuerte
