BTC has been traded within a range for nearly ten days. This range formation came alongside falling exchange reserves, and it saw a pullback, but it remained within its ascending channel. This meant that the altcoins’ outperformance may have been a short-term phenomenon. BTC still leads the show, with a rising BTC.D seen over the past five days.
While it was not a bullish short-term signal, it indicated that the bullish trend still had plenty of room for expansion. The falling exchange reserves data reinforced this idea, reaching levels not seen since August 2018.
Bitcoin successfully reclaimed the realized price of the 3-6 month holder cohort. As evidenced in October 2023 and October 2024, this reclaim generally came before a strong rally. At the same time, it must be noted that the retracement towards this realized price, at $105,000k at press time, was likely to act as a dynamic support.
As of now, at the time of writing this article, BTC is being traded around $105k, and has seen a 2.1% jump in its price over the past 24 hours and stands at a market capitalization of $2.08 trillion.