Bitcoin Price Could Push Towards New Highs After $2.6 Billion Buying Frenzy

Bitcoin has maintained a steady uptrend since the start of the month, fueling expectations of a move toward $120,000. 

The positive momentum has been backed by strong investor activity, with BTC holders showing renewed confidence. This combination of technical and fundamental strength is providing the market with bullish signals.

Bitcoin Investors Switch To Buying

The latest data shows that Bitcoin accumulation has reached its highest level in nearly two months. In the last 24 hours, investors bought more than 23,000 BTC, worth over $2.67 billion, and moved them off exchanges.

Historically, such exchange outflows suggest that investors plan to hold their assets long-term instead of seeking quick profits. The move marks a shift in sentiment compared to earlier this quarter, when selling pressure was prominent.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter .

Bitcoin Exchange Net Position. Source: Glassnode

From a technical perspective, the squeeze momentum indicator signals a bullish squeeze release for Bitcoin. The release of upward momentum often suggests that the asset is gaining strength, setting the stage for additional price expansion in the near term.

This development highlights Bitcoin’s resilience despite broader market volatility. The strengthening momentum provides fuel for its ongoing rally, allowing the asset to maintain bullish positioning.

Bitcoin Squeeze Momentum. Source:  TradingView

BTC Price Could Push Past Key Barrier

Bitcoin has been trading at $116,027, maintaining steady gains since the start of the month. However, the crypto king is now facing resistance at $117,261, a key level that has capped upward progress in recent sessions. Breaking this barrier will be crucial for Bitcoin’s next move.

If Bitcoin manages to breach and flip $117,261 into support, it could rally toward $120,000 in the coming days. Strong buying pressure and favorable momentum indicators make this outcome highly plausible.

Bitcoin Price Analysis. Source:  TradingView

However, a loss of momentum could bring renewed selling pressure. Should BTC fall through the $115,000 support, the price risks slipping to $112,500, invalidating the bullish outlook.