- Bitcoin faced key resistance levels; a breakout could trigger a bull run or further consolidation.
- Mixed technical and on-chain signals suggested that Bitcoin’s next move depended on certain breaking resistance levels.
Bitcoin [BTC]’s Exchange Reserves have recently dropped to 2.4553 million BTC, marking a 0.28% decrease in the last 24 hours, according to CryptoQuant.
This sharp decline signals a shift in market sentiment, with the falling Exchange Reserves indicating that investors may be accumulating Bitcoin in anticipation of higher prices.
As more coins leave the exchanges, it suggests that holders are waiting for the right moment to sell.
The question now is whether this accumulation phase will lead to another bull run, or if market conditions will hinder Bitcoin’s price rise.
BTC chart outlook: Is Bitcoin on the verge of a breakout?
At press time, BTC was trading at $96,867.44, showing a 1.48% decline over the past 24 hours. On the chart, Bitcoin appeared to be consolidating within a symmetrical triangle, often preceding a breakout.
Immediate resistance levels lie at $102,806.85 and $110,000. If BTC breaks above these levels, it could quickly target $120,000.
However, a rejection at these resistance points could see BTC retracing to support levels around $95,801.64 and $89,381.63. This could prolong the current consolidation. Bitcoin’s next moves depend largely on its ability to break through these key levels.
Source: TradingView
MVRV long/short difference: Market sentiment remains balanced
The MVRV Long/Short Difference currently stands at 20.28%, reflecting a balance between long-term holders and short-term traders. This metric indicates that BTC investors are holding their positions, though some caution is present.
The recent slight decline in Long/Short Positions suggests that investors are wary of potential market corrections. If this trend continues, BTC could face additional downward pressure.
However, a shift back toward bullish sentiment could trigger renewed demand, leading to a price surge.
Source: Santiment
BTC NVT ratio: Signals of healthy market growth
Bitcoin’s Network Value to Transaction (NVT) ratio has risen by 13.26% in the last 24 hours, reaching 31.50. This ratio, which compares Bitcoin’s market capitalization with its transaction volume, signals healthy growth in the network.
A higher NVT ratio typically suggests overvaluation, while a lower ratio indicates undervaluation.
The recent increase in the NVT ratio indicates that Bitcoin’s market valuation is aligning with its transaction activity, which is a positive sign for future price movement.
Source: CryptoQuant
On-chain signals: Mixed indicators point to uncertainty
On-chain data presents a mixed outlook for BTC. Net Network Growth has increased slightly by 0.16%, signaling a neutral trend. However, the “In the Money” metric has dropped by 2.01%, suggesting that some holders are facing losses.
Additionally, large transactions have risen by 0.02%, indicating that whales may be active in the market.
These mixed signals show uncertainty in Bitcoin’s short-term outlook, leaving the market in a wait-and-see mode.
Source: IntoTheBlock
Conclusion: Will Bitcoin break out or face rejection?
Bitcoin’s accumulation phase suggests a growth potential, but the market remains uncertain. If Bitcoin breaks through key resistance, a bull run may be on the horizon.
Read Bitcoin’s [BTC] Price Prediction 2025–2026
However, rejection at these levels could lead to further consolidation. Therefore, BTC’s future price movement depends on overcoming resistance levels.
