There is a remarkable development in the cryptocurrency market. Bitcoin 
$111,963.18The amount of reserves in the stock exchanges fell to the lowest level in 10 years. Reserves, which were around 3.5 million BTC in 2020, dropped to 2.4 million BTC today. This decline indicates that both institutional investors and long-term owners have entered a serious accumulation process. According to analysts, this situation shows that the supply is gradually tightening and paves the way for a strong rise in the future.
Short-Term Selling Pressure Does Not Prevent Long-Term Strength
Bitcoin price is currently hovering around $111,000. BTC, which was previously rejected several times from the resistance level at $ 124,000, has found support in the $ 107,000–111,000 band. According to on-chain data, this zone may turn into a “higher bottom” formation. Historically, such structures have often preceded strong trend reversals.
Spot Taker CVD data for the last 90 days shows that the sell side dominates. However, the price remaining stable in the support zone proves that large buyers are absorbing the selling pressure. According to analysts, this shows that investors defined as “smart money” have started to accumulate again at low levels.
The recovery in the NVT Golden Cross indicator also indicates that the vitality in the market has returned. This metric recently increased by 26.9% to -0.66. It seems that transaction volumes on the Bitcoin network are strengthening compared to the price. This is interpreted as a signal that both network health and investor confidence are recovering.
Has the countdown begun for a new rally?
Experts state that the combination of the decline in reserves, the recovery in network activity and price stability creates a structural bull signal. Historical data shows that periods of low reserves and increased accumulation often result in large booms.
A similar situation occurred in mid-2020, and the 2021 bull market followed the period when reserves decreased rapidly. Today, the strengthening of institutional demand, the increase in the transaction volume of spot ETFs and the confidence of long-term investors in the market suggest that Bitcoin may be preparing for a new rally.
Although Bitcoin currently appears to be in short-term uncertainty, on-chain indicators point to a strong recovery in the medium and long term. The fact that reserves are at historical lows highlights the limited supply dynamics. Therefore, as the selling pressure decreases, BTC breaking the $ 124,000 resistance may trigger the beginning of a new upward wave.
