
Bitcoin’s price has surged above $95,000 as the year-end approaches, signaling a potential strong rally in the cryptocurrency market. The increased buying pressure and growing institutional demand have led to a significant depletion of BTC exchange reserves, reaching levels not seen since 2016.
Institutional investors holding nearly a million BTC could play a crucial role in determining the next price movement. The current price action is attempting to break out of consolidation, with a bullish close expected to fuel a strong uptrend towards new highs.
The historical price pattern of Bitcoin shows a consolidation within a rising parallel channel, indicating a potential bull run. The RSI levels suggest room for further growth, with previous bull run peaks reaching around 94. The current RSI is around 76-77, indicating the ongoing bull run has not yet peaked.
Despite being in the overbought zone, Bitcoin has reclaimed $95,000 with a 3% increase, while weekly trading remains bearish. The rise in stablecoin reserves to $45 billion sets the stage for an explosive price action in January 2025, with a target of $120,000.