BTC being a key focus for investors this month, has risen 12% over the past month, though it continues to trade below $97k. Analysis indicates that if recent trends persist, Bitcoin could reclaim its previous highs.
Exchanges act as major custodians, so when reserve levels decline, it often signals increased buying activity by investors. As per On-Chain data, only 2.45 million BTC remain on crypto exchanges, reflecting a shift in the market’s long-term outlook.
Since April, traditional investors have steadily accumulated Bitcoin, with one exception—on the 30th of April, they sold $56 million worth of BTC. Interestingly, the amount of Bitcoin sold remains significantly low compared to the total volume bought.
If a significant buying pressure continues to build, Bitcoin maintains a strong chance of crossing into the $100,000 region. There are even more market sentiments supporting the possibility of a sustained rally. MVRV, a metric which measures whether an asset is overvalued or undervalued, based on the ratio between market value and the price at which each unit last moved, shows that BTC price hasn't peaked yet. This metric helps determine who is driving purchases—whether it’s retail traders or whales—and provides insight into the size of whale orders. Hence, it suggests that Bitcoin is on track to reclaim the $100,000 region in May.
As of now, at the time of writing this article, BTC is being trade around $94,280 and has seen a jump of 0.28% in its price over the past 24 hours and stands at a market capitalization of $1.87 Trillion.