The price of Bitcoin has been trading within a range of $105,000 for several days, showing both strength against downside pressure and a potential retest of previous resistance levels. The current uncertainty in the market has led to differing opinions on Bitcoin's next move. However, some market observations offer clarity, such as the decline in Bitcoin exchange reserves to a multi-year low, indicating a potential supply crunch if demand continues. There is also a shift in investor behavior towards longer-term holdings, with traders decreasing and long-term holders increasing. These factors suggest the possibility of a supply shock in the future, potentially leading to a rally towards $115,000. However, short-term dips may occur if sell pressure outweighs demand.



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