Bitcoin Exodus Accelerates: Exchange Reserves Hit Multi-Year Lows
Whales are vacuuming BTC off exchanges faster than a hedge fund manager spotting a tax loophole. Supply crunch incoming?
Data shows exchange balances have plunged 35% since the 2021 bull run peak. The last time reserves were this low? December 2017—right before BTC’s 20X moonshot.
Cold storage wins again: Retail and institutions alike are opting for self-custody after a parade of exchange implosions. Not your keys, not your coins—unless you enjoy watching bankruptcy courts redistribute your assets.
This accelerating outflow suggests two possibilities: Either smart money expects serious price appreciation (hodl mode activated), or they’re prepping for another ’black swan’ event. Place your bets.
Meanwhile, Wall Street’s latest ’crypto ETFs’ still can’t decide whether Bitcoin is digital gold or a speculative toy. Maybe try reading the whitepaper this time?
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 this, the underlying data supports a strong bullish outlook.
Top analyst Ali Martinez shared recent on-chain data from CryptoQuant showing that over 110,000 BTC have been withdrawn from centralized exchanges over the past month. Such a large volume of withdrawals historically correlates with accumulation by long-term holders, signaling confidence and reduced selling pressure.
This behavior suggests that the recent rally is not just fueled by speculative hype but also supported by structural shifts in supply. As BTC supply tightens and demand increases, particularly with institutional flows rising, the setup for a sustained breakout strengthens. While some short-term resistance may persist, the broader trend now favors the bulls. If exchange outflows continue at this pace and macro sentiment remains stable, bitcoin could soon enter a price discovery phase, leaving behind the range that defined its movement for much of 2025.
BTC Price Action Details: Technical Levels
Bitcoin is trading around the $104,000 mark after a powerful breakout rally that started in late April. As shown in the daily chart, BTC surged through the $90K resistance and cleared $100K with strong momentum, but is now facing resistance NEAR $104K–$105K, a zone that previously acted as a major supply region during the February highs.
The chart reveals that BTC is consolidating just below this resistance with a small retrace and declining volume, suggesting a cooling of momentum after several days of aggressive buying. This isn’t necessarily bearish — short pauses are common before retesting key levels, especially when RSI and volume stretch. The 200-day moving average (SMA) and exponential moving average (EMA) remain well below the current price, showing that bulls maintain structural control.
The key levels to watch now are $103,600 (short-term support) and $104,900–$105,500 (resistance zone). A clean break above this range would open the path toward new all-time highs. Conversely, a failure to break higher may lead to a retest of the breakout zone near $100K. Overall, price action remains bullish, but the next few candles will be decisive for short-term trend continuation.
Featured image from Dall-E, chart from TradingView
