Bitcoin Surges 8% as Demand Remains High at $100K
- Bitcoin (BTC) has increased by 8% since Monday, trading above $105,200.
- The $100K level is a strong support, with BTC reclaiming key resistance levels.
- Analyst Axel Adler notes significant BTC outflows from exchanges, indicating accumulation by long-term holders.
- The Netflow-to-Reserve ratio is negative, signaling bullish market conditions.
- The next resistance level for BTC is $106K, with potential to reach $110K if momentum continues.
Bitcoin’s price action shows resilience above the $105K mark, supported by strong demand and decreasing exchange supply. Traders are closely monitoring the next resistance level at $106K for a potential breakout.
Source (2.6)https://www.newsbtc.com/bitcoin-news/bitcoin-outflows-signal-bullish-strength-as-demand-remains-high-at-100k-what-this-means/?rand=52377
