Bitcoin The price is approaching $93,000 as long-term holders accumulate funds, buying up 75,000 BTC over the past 10 days. Of these, 40,000 were added to wallets in just one day, from December 9th to 10th.
Currently, there are approximately 315,000 bitcoins stored in storage wallets. Excluding exchanges, miners, and smart contracts, all of them share certain characteristics, such as no outgoing transactions, frequent inflows, a minimum balance threshold, and activity for at least seven years.
CryptoOnchain pointed out an unusual divergence in activity on BinanceOn December 3, the 30-day estimated moving average for Bitcoin withdrawals reached 3100 transactions, the highest level since May 2018. Meanwhile, the number of deposits dropped to approximately 320 transactions, the lowest level since 2017.
This pattern indicates a supply squeeze, a situation where coins are being withdrawn from exchanges for self-custody, while fewer traders are sending BTC for sale or profit-taking. Historically, such situations often occur before major bullish rallies.
After returning to the $90,000 area Bitcoin is moving in the middle of the Bollinger Bands. Candles continue to trade below the upper band. This indicates that, although the market is attempting to recover, it has not yet regained full strength.
On the moving average chart Bitcoin is trading above the 10-day and 20-day moving averages, while the 50-day, 100-day and 200-day moving averages remain above the current price, indicating a continuation of the uptrend.