Bitcoin Breaks $90K: Accumulation Trend Sparks Bullish Outlook

Bitcoin's price surge above $90,000 has ignited bullish sentiment, fueled by a significant accumulation trend. Over 40,000 BTC have been withdrawn from exchanges in the past week, suggesting investors are increasingly opting for self-custody. This reduction in available supply on trading platforms is historically bullish for Bitcoin's price. Despite this positive on-chain metric, risks remain. Global trade instability, particularly the ongoing US-China tensions, creates an unpredictable macroeconomic backdrop, potentially impacting Bitcoin's price. Analysts are divided: some predict a rally towards new all-time highs, while others view the recent strength as temporary. The current price hovers around $93,900, facing resistance at $95,000-$96,000. Holding above the key support level of $88,700 (the 200-day moving average) is crucial for sustaining the upward momentum. A fall below this level could trigger a deeper correction, with support around $84,000. The next few weeks are critical, as Bitcoin's price action will determine whether this rally marks the start of a new bull market or a temporary price surge. The decoupling of Bitcoin's price from US equities also contributes to the changing market dynamics, adding another layer of complexity to the analysis. The situation calls for patience and careful observation of key support and resistance levels, as volatility remains a significant factor.

(Source: https://bitcoinist.com/over-40000-bitcoin-withdrawn-from-exchanges-this-week-reaccumulation-starting/)