Bitcoin (BTC) is now less than 5% away from its all-time high (ATH) of $108,786, recorded earlier this year in January, and recent price momentum suggests the digital asset is likely to breach that level soon. In anticipation, a significant amount of BTC is being withdrawn from exchanges, according to on-chain data.
In an X post published today, seasoned crypto analyst Ali Martinez noted that 100,000 BTC has been withdrawn from crypto exchanges over the past three weeks. While BTC exchange reserves hovered around 3.11 million on March 22, they have since declined to less than 3.02 million as of May 13.
In a separate X post, Martinez highlighted a rising Accumulation Trend Score (ATS), supported by the recent BTC price rally. Historically, a surge in ATS has often preceded major rallies in BTC price. A rise in ATS also reflects growing confidence in broader macroeconomic conditions.
Moreover, crypto analyst Jelle pointed out that Bitcoin has formed a lower-timeframe Power of Three setup. A successful completion of this pattern could push BTC to a new ATH, potentially around $112,000.
For the uninitiated, the Power of Three is a market structure where price typically follows a three-phase cycle – accumulation, expansion, and distribution. It is often used to anticipate smart money behavior and identify high-probability trade setups.
