As the markets are heading towards the end of the yearly trade, the Bitcoin price gains momentum & makes an entry above $95,000. With a notable rise in the buying pressure, the star token is believed to revamp a strong rise ahead of the yearly close. Besides, there has been a significant growth in the institutional demand and as a result, the exchange reserve has been facing a massive drain.
The BTC exchange reserves have been depleting since the start of the year and the current has reached levels not seen since 2016. This could be a major bullish signal but with nearly a million BTC being held with the institutions, they may play a major role in the next price action. Meanwhile, the price is attempting to rise above the ongoing consolidation and a bullish close above a certain range may revamp a strong bull run towards the highs of the ongoing bull run.
The historical price pattern, which remains consolidated within a rising parallel channel, suggests the price is in between a bull run. The RSI pattern suggests there is still more room for the token to swell as the levels are yet to rise above 90. During each bull run in 2014, 2018 or 2021, the monthly RSI marked the highs close to 94. While the current levels have been restricted at 76 or 77, that indicates the peak of the ongoing bull run is yet to be reached.
Meanwhile, the levels remain within the overbought zone, which keeps up the bullish perspective for the token. The BTC price has reclaimed $95,000 ahead of the yearly close with a rise of over 3% while the weekly trade remains within the bearish range. However, there has been a massive rise in the stablecoin reserve that reaches $45 billion. Therefore, the upcoming price action in January 2025 is expected to be explosive, with an expectation of achieving $120K.
