Bitcoin (BTC) Holds Firm Above $100K After a Sharp Rally Driven by Sustained Buying Pressure

Bitcoin is holding firm around the $104,000 mark after a sharp rally driven by days of sustained buying pressure and renewed market optimism.

Bitcoin (BTC) price is holding firm above the $104,000 mark today after a sharp rally that started in late April with days of sustained buying pressure and renewed market optimism.

The bulls quickly regained control when BTC reclaimed the $90,000 level, reversing months of aggressive selling that had weighed on price action since the beginning of 0. But the shift in sentiment has been clear to see, with bullish momentum building quickly and pushing the market back into key supply zones.

In April, a large volume of BTC has been withdrawn from exchanges, according to CryptoQuant data. As of Monday morning, over 110,000 BTC have been moved out of centralized platforms in the past month.

Chart: CryptoQuant

Historically, large outflows from exchanges signal growing investor confidence and less sell-side liquidity—two key components of strong upward trends. Such behavior usually precedes major rallies, as long-term holders or large institutions are known to sideline coins from near-term trading when they plan to hold for the long term.

Now, with Bitcoin consolidating at a new stage after touching all-time highs, investors are watching closely to see what comes next.

What Comes Next For Bitcoin Price After Consolidation?

Bitcoin is now testing critical resistance at the $105,000 level, a price point that could decide the next phase of the cycle. This area, located just shy of the all-time high, is likely to attract both profit-taking activity from recent buyers and speculative interest as traders anticipate a potential breakout.

If the bulls manage to push through the $105K mark, a surge toward new all-time highs would be imminent, setting the stage for the next leg of the bull market. However, this level also represents a psychological barrier that could trigger a short-term rejection if sellers step in to exert pressure.

Despite some traders expressing concerns over a potential pullback, the underlying data supports a strong bullish outlook. Top analyst Ali Martinez recently highlighted on-chain data from CryptoQuant, showcasing that over 110,000 BTC have been withdrawn from major centralized exchanges over the past month.

Such a large volume of coins leaving exchanges is historically observed during periods of accumulation by long-term holders, signaling their confidence and less willingness to sell at current price levels. This behavior suggests that the recent rally is not just fueled by speculative hype but is sustained by structural shifts in supply and demand.

As BTC supply tightens and demand, especially from institutional investors, continues to increase, the setup for a sustained breakout becomes even stronger. While some short-term resistance may persist, the broader trend now favors the bulls. If exchange outflows continue at this pace and macro sentiment remains stable, Bitcoin could soon enter a price discovery phase, leaving behind the range that defined its movement for much of 2024.

BTC Technical Levels To Consider

Bitcoin is currently trading around the $104,000 mark after a powerful breakout rally that started in late April. As shown in the daily chart, BTC surged through the $90K resistance and cleared $100K with strong momentum, but is now facing resistance near $104K-$105K—a zone that previously acted as a major supply region during the February highs.

The chart reveals that BTC is consolidating just below this resistance with a small retrace and declining volume, suggesting a cooling of momentum after several days of aggressive buying. This isn’t necessarily bearish; short pauses are common before retesting key levels, especially when RSI and volume stretch. Also, the 200-day moving average (SMA) and exponential moving average (EMA) are still well below the current price, showing that bulls have structural control.

Key levels to watch for the next move include $103,600 (short-term support) and $104,9K-$105,5K (resistance zone). A clean break above this range would open the path toward new all-time highs. Conversely, a failure to break higher may lead to a retest of the breakout zone near $100K. Overall, price action remains bullish, but the next few candles will be decisive for short-term trend continuation.