- Long-term holders added over 1.4M BTC in under three months, signaling firm conviction.
- Bitcoin’s Coinbase Premium streak hits 20 days, reflecting strong U.S. investor demand.
- A bullish triangle breakout pattern targets $118K as BTC holds key $106K–$104K support.
The price of Bitcoin, now over $106,000, is being coupled with substantial accumulation from long-term holders. According to recent data, long-term investors have added more than 1.4 million BTC to their holdings in less than three months.
The additional long-term holdings now total about 14.6 million Bitcoin signaling that experienced investors are confident about the future of BTC. The indicator of long-term holders’ spending is at its lowest point since September 2024. The 15-day moving average is now in the low zone, a sign that has come before past price rallies.
Recent data also shows that the amount of BTC held by long-term investors has increased by around 300,000 BTC in less than 20 days. This trend reflects minimal selling activity and a high degree of confidence in Bitcoin’s value.
Institutional Demand Reflected in Coinbase Premium and Exchange Outflows
A consistent 20-day Bitcoin Coinbase Premium streak highlights rising demand from U.S.-based institutional and retail investors. The index compares Bitcoin’s value on Coinbase versus other exchanges, and its sustained positive reading shows consistent buying interest from American investors. The last time this index showed such a streak was in 2021, before a major price rally.
According to CryptoQuant analyst Burak Kesmeci, Coinbase experienced a significant outflow of 8,742 BTC on Thursday, the third biggest single-day outflow of this month.
The large withdrawals from Coinbase also precede ETF announcements or large purchases of a major company or may not be indicative of institutional positioning.
Meanwhile, there has been a sharp rise in Bitcoin inflows into Binance since April and May, primarily driven by “Fish” and “Sharks” holders. This points to increased trading activity from sophisticated retail and smaller institutions.
Long-term holders also contributed to inflows, showing that they were exiting positions with rising prices. Meanwhile, large whales remain inactive on Binance indicating no major distribution pressure from the largest entities.
Bullish Chart Setup Points to Breakout Toward $118,000
According to Bitcoin’s 1-hour chart, there is a descending triangle, and its long-term support is located between $104,000 and $106,000. This support area has consistently attracted buyer interest, turning it into a key support point. The pattern indicates price compression, with a potential breakout targeting $118,000.
The price of Bitcoin and the relative strength index (RSI) are showing a noticeable bullish divergence. At the same time, as the price formed lower lows, the RSI gained momentum showing that bearish pressure was decreasing. Analysts believe that a drop in bitcoin to slightly below $106,000 could lead to a liquidity sweep. If followed by a sharp rebound from the support zone this move could confirm the bullish setup and send prices higher.
At press time, Bitcoin is priced at close to $106,500. Although the market is strong and trends are accumulating the broader market remains cautious while Ethereum and some altcoins have seen notable rallies in the past 24 hours. Despite these concerns strong signs on technical and on-chain data suggest that the price is favorable for an upward breakout.
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