Bitcoin Consolidates Around $100,000 as Data Suggests Renewed Long-Term Confidence

Bitcoin’s monthly outflow/inflow ratio has decreased to 0.9, showing renewed long-term confidence. Despite short-side pressure on Binance derivatives, BTC remains within a $100,000-$110,000 range. 19,400 BTC moved into institutional wallets, indicating strategic positioning. The crypto asset closed above $100,000 since May 8, with a low of $98,300 on June 22.

The price range of $100,000-$110,000 could be the new bottom before Bitcoin sees another parabolic leg. Market activity suggests renewed long-term confidence, with outflows dominating inflows. A ratio below 1 indicates asset accumulation, while above 1.05 signals increased sell pressure.

Bitcoin’s resilience against sell pressure on Binance derivatives suggests accumulation. Institutional movement is observed with 19,400 BTC transferred to institutional-grade wallets. Large entities strategically position themselves as price stabilizes. Bitcoin’s possible bottom near $100,000 is supported by continuous accumulation and muted downside reaction.

Read more at Cointelegraph: Data suggests $100,000 could be the current accumulation range for Bitcoin traders.