Driven by ongoing buying pressure and renewed market optimism, Bitcoin made about $104,000 around the $104,000 mark. When BTC recovered its $90,000 level in late April, the Bulls regained control, which reversed months of active sales, which hit the price action. The shift in sentiment is obvious, with bullish momentum building quickly and pushing the market toward key supply zones.
Supporting this trend, cryptocurrency chain data suggests that over 110,000 BTC has been withdrawn from exchanges in the past month. Historically, the massive outflow signals from centralized platforms have shown that investor confidence has increased and reduced seller liquidity, two key components of a strong uptrend. This behavior is usually ahead of major rally, as long-term holders tighten supply while recent coins are insufficient.
Now, with the all-time high of Bitcoin trading, the market seems to be entering a new phase. Investors are watching closely when BTC merges more than $100,000, and analysts show that the current structure lays the foundation for another leg. If exchange withdrawals continue and remain bullish, the break toward an all-time high of $109,000 may be earlier than expected.
Bitcoin faces final resistance before price discovery
Bitcoin is now ready to test unknown areas after months of sales pressure and ongoing market skepticism. After returning to strong since late April, BTC is currently finding resistance of about $105,000, a key price that can define the next phase of the cycle. The region is well below its all-time high and may attract profitable and speculative interest, which could lead to increased volatility ahead of the decisive breakthrough.
If the Bulls manage to exceed $105K, the influx of new all-time highs will be coming. However, this level also represents a psychological disorder that can trigger short-term rejection. Nevertheless, the underlying data still supports a strong bullish outlook.
Top analyst Ali Martinez shared CryptoQuant’s latest chain chain data, indicating that over 110,000 BTC has been withdrawn from centralized exchanges in the past month. Such a large amount of withdrawals have historically been associated with the accumulation of long-term holders, and signal confidence and sales pressure have been reduced.
This behavior suggests that recent rally is not only driven by speculative hype, but also supported by changes in supply structures. As BTC supply tightens and demand increases, especially as institutional flows grow, the setting of continuous breakthroughs has been strengthened. While some short-term resistance may persist, the broader trend is now favoring the Bulls. If exchange outflows continue at this rate and macro sentiment remains stable, Bitcoin may soon enter the price discovery phase, defining it as the range of most of the movement in 2025.
BTC price action details: technical level
Bitcoin traded around $104,000 after a powerful breakout rally that began in late April. As shown in the Daily Chart, BTC soared $90,000 in resistance and cleared $10.K with strong momentum, but now it is close to $104,000-$105K, a region that previously served as a major supply area at its February highs.
The chart shows that BTC consolidates below this resistance with a smaller reverse and a drop in quantity, indicating that momentum cools down after several days of active purchases. This is not necessarily bearish – a brief pause is common before retesting key levels, especially when RSI and volume stretches. The 200-day moving average (SMA) and exponential moving average (EMA) are well below the current price, indicating that the Bulls maintain structural control.
The key levels to watch now are $103,600 (short-term support) and $104,900–$105,500 (resistance zone). A clean breakthrough beyond this range will be a path to a new all-time high. Instead, failing to break higher could result in a retest of nearly $100,000. Overall, price action remains optimistic, but the next few candles will be decisive for the continuation of the short-term trend.
Featured images from DALL-E, charts from TradingView
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