Over 27,740 Bitcoin (BTC) worth $2.4 billion were withdrawn from exchanges on March 25

Bitcoin is making another attempt at a technical breakout above $90,000 as supply on exchanges continues to decrease.

The price of Bitcoin (BTC) dropped slightly on March 25, pulling back from a technical breakout attempt above the $90,000 mark amid signs of institutional demand waning.

Bitcoin drops slightly as key trendline offers resistance

Data from CoinsPro and TradingView showed BTC/USD trading down around 1% on the day at $87,800.

Bitcoin had clocked new seven-week highs on Monday, attempting to breach the 20-weekly exponential moving average (EMA) at $88,682 for the first time since December 2024.

A decisive close above this trendline could open the door for Bitcoin to continue its bull run toward new all-time highs. But failing to do so might indicate that the recent rally is running out of steam.

Popular analyst Decode highlighted the significance of this moving average, asserting that it is the “most important level right now for Bitcoin.”

Meanwhile, co-founder of trading resource Material Indicators, Keith Alan, said that Bitcoin has to reclaim the 2025 yearly open at around $93,300 to confirm a path toward all-time highs.

Bitcoin: eyeing new highs?

Despite the recent setback, Bitcoin is showing signs of strength as it continues to encounter strong buying pressure at higher levels.

This is evident in the persistent capital outflows from exchanges, suggesting that institutions are accumulating Bitcoin in anticipation of higher prices.

According to blockchain analytics firm Glassnode's latest report, over 27,740 Bitcoin (BTC) were withdrawn from exchanges on March 25, marking the highest daily outflow since July 31, 2024.

These outflows, which amounted to approximately $2.4 billion at current prices, were largely driven by whale activity, with entities holding at least 1,000 BTC withdrawing more than 11,574 BTC, or roughly $1 billion.

Moreover, another blockchain analytics firm, Arkham Intelligence, noted that a “billionaire Bitcoin whale” had added 2,400 BTC, valued at over $200 million, to their holdings on March 24.

The given whale now holds over 15,000 BTC, having sold a portion of their coins when Bitcoin's price was between $100,000 and $86,000 in February.

The whale began buying again on March 19, indicating that such large investors may be seeing the recent lows as a buying opportunity.

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