Bitcoin ($BTC), the top crypto asset, is currently standing at a crucial spot. The market data reveals that Bitcoin ($BTC) is now aiming for $120K as the upcoming price target, while it is experiencing a notable bullish momentum, amid a plunge in exchange inflows. In this respect, the resurgence in the community sentiment and robust technical signals are also complementing the potential upward trajectory.
Bitcoin’s Exchange Inflows Slump, Raising Potential for Next Leg Up
In line with the latest statistics, $BTC inflows to the well-known crypto exchange Binance have gone through a sheer drop to only 5,147 $BTC. This figure is less than even the 50% of the levels recorded during the former bear market phases. The respective substantial decrease takes place despite Bitcoin trading above the $107K mark.
Back in December last year, when Bitcoin was changing hands below $100Kk, its 30-day moving average inflows touched 13,200 $BTC. However, the present decrease highlights that the Bitcoin investors are more unwilling to sell, rather than choosing to hold and buy. This signifies a noteworthy shift from the previously witnessed behavior.
Bullish Momentum Signals $120K Target
Based on the historical data, surges in Bitcoin’s inflows into centralized crypto exchanges have pointed toward short-term market peaks because of heightened selling pressure. In this respect, during the collapse of FTX back in 2022, inflows surged to 24K $BTC. This displayed investor panic as well as hurry to liquidate their holdings.
On the other hand, the current dip in the inflow levels suggests a minimized desire for $BTC conversion into money, presenting longer-term conviction of the community in the flagship crypto asset. Moreover, Bitcoin has effectively reclaimed the 50-day exponential moving average, raising speculation of a bullish breakout. Overall, if the ongoing momentum continues, Bitcoin ($BTC) could see its next stop at $120K as community optimism grows.
