Bitcoin regains lost critical support at $90K and exchange withdrawals are huge, indicating whale buying. The next upside target is monitored in the fair value gap by analysts.
Bitcoin has demonstrated a resurgence after recent losses. Cryptocurrency regained essential levels of support, exceeding 90,000. Key technical zones are now under the observation of market players.
As Crypto Patel on X says, enormous withdrawals from exchanges indicate a possible change. Statistics indicate 14,858 BTC left exchanges in seven days. The 30 days registered 47,292 BTC net outflows. High self-custody withdrawals denote that the conviction of long-term holders is increasing.
Source – Crypto Patel X
Exchange Exodus Points to Conviction Building
The recent price movement is an indication of a strong buyer interest coming back. Bitcoin recovered and hit high points in the range of over 90,000. Support areas have resisted in the downward direction.
On X, The Boss said that Bitcoin bridged the Fair Value Gap. The cryptocurrency hit the Bearish Order Block as expected. Long setups were probably successfully taken by traders who positioned with upward movement.
Source – X, The Boss
Attention has moved on to the next big target of Bitcoin. An emphasized FVG indicates the next imbalance zone in high time. Bitcoin, according to Patel, will first go to that zone. Any major corrective movement would be subsequent to that initial swing.
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Critical Level Separates Bulls from Bears
Bearish bias has a clear point of invalidation. Closing above a much higher level in the long term would cancel the bearish structure. Breaking out like that would indicate the beginning of a new phase of bullishness.
The Boss on X says that the signs of strength are beginning to appear. Bitcoin responded to local support and counter-attacked. The chart indicates stable support that resisted the selling force.
The recovery seems to be propelled by the sentiment in the macro. Reduced expectations of Federal Reserve tightening are doing the trick. Market risk appetite is increasing. There is an expansion of the risk-on shift.
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Momentum Test Ahead for Sustainable Rally
Bitcoin has to sustain a level above the 90,000-91,000 mark. This is the level of support that is pivotal in the creation of a new upward wave. This technical threshold on X was noted by the Boss.
The movement might come to a halt unless there is confirmation of momentum. The volume of trading has to be sustained in order to justify strength. There is still the risk of a dead-cat bounce following the violent sell-off.
The technical configuration indicates that Bitcoin could be headed in the right direction. But volume and momentum indicators must provide confirmation. Traders are keeping track of whether the bulls can hold on to the key support.