- Bitcoin must overcome resistance at $88,682 to continue its growth.
- Outflows from centralized exchanges have reached a seven-month high.
- Inflows into ETFs have continued for nine consecutive days.
To sustain its upward trend, the price of the leading cryptocurrency needs to surpass the 20-week exponential moving average (EMA), currently at $88,682, according to analysts from Cointelegraph.
The chart below shows that crossing this threshold has historically preceded strong upward movements:
For instance, in October 2023, after breaking through this EMA, the price surged by 170%—from $27,000 to $73,000 by March 2024.
Similarly, in September 2024, prices increased by 77%—from $60,000 to $108,000 by December.
In a conversation with the publication, an analyst known as Decode highlighted the significance of the aforementioned EMA, calling it “the most important threshold for Bitcoin right now.”
Meanwhile, Material Indicators co-founder Keith Alan emphasized that the leading cryptocurrency needs to surpass the year’s opening level of around $93,300 to confirm a move towards historical highs.
Reserves Deplete
Analysts have observed an increase in outflows from CEX, reaching a seven-month high.
A more detailed analysis shows that the lion’s share of this on-chain activity was attributed to whales—holders of 1,000 BTC or more. On March 25, they withdrew over 11,574 BTC from exchanges, equivalent to approximately $1 billion.
Intensive Bitcoin outflows reduce potential future selling pressure, often indicating “whale” accumulation in cold wallets.
ETF Factor
Another positive signal is the resumption of inflows into spot Bitcoin ETFs, according to Santiment.
Positive dynamics have been observed for nine consecutive days:
In the last 24 hours, the total AUM of exchange-traded funds increased by $89.57 million. The aggregate figure stands at $97.22 billion.
As reported, Bloomberg experts suggested a bull trap for Bitcoin optimists.