Bitcoin rally heats up because the offer shrinks and bullish patterns occur

Bitcoin is approaching new highs, and all the signs indicate that it will not take long for it to break through its previous record.

The most recent dynamics of the market are supported by aggressive accumulation and a severe decline in the BTC kept on stock exchanges – both classic signs of an upward upward pressure.
On-chain data show that over 100,000 BTC has been removed from the trading platforms in the past few weeks.

The dwindling range of the stock exchanges reflects the growing preference of investors to keep instead of selling, which increases the Bitcoin scarcity narrative at a time when the price flirts with its historical high.

Meanwhile, technical patterns indicate further upward movements. Analysts observe a recurring market structure – known as the “Power of Three” – that indicates a possible outbreak of $ 112,000. This pattern, along with bullish momentum signals such as a weekly MacD crossover, further heats up the already energetic rally.

If Bitcoin exceeds the $ 105,000 mark, this could trigger a wave of liquidations in empty sales positions and possibly accelerate the profits. In view of the increasing trust and the dwindling offer, the stage seems to be prepared for the next jump from Bitcoin in the price discovery.