How Bitcoins Rising Exchange Reserves Threaten its Rally To $100,000

Bitcoin's price is struggling to break above $100,000 due to a rise in the number of Bitcoins held on cryptocurrency exchanges, which suggests increased selling pressure. Currently, 2.47 million Bitcoins are on exchanges, a 1% increase since the start of February. This coincides with Bitcoin's stagnant price, trading between $95,650 and $98,663 over the past two weeks. Adding to the concern, large Bitcoin holders (whales) have reduced their holdings by 299% over the past week, indicating a significant sell-off. This whale activity could influence smaller investors to sell, pushing the price down further. If selling continues, Bitcoin's price could drop to $95,650 and possibly even $92,325. Conversely, increased buying could push the price above $98,663, potentially leading to further gains towards $102,753 and eventually its all-time high of $109,356.