🔥Bitcoin may reach $110k as strategic buyers' purchases approach three times the new supply Bitcoin could break out of its bearish flag pattern, as strategic buyers have purchased 46,233 BTC in just over a month, far exceeding the 16,200 BTC of new supply during the same period. #btc

Bitcoin is looking much more resilient here. In the previous range, once we lost it, we never reclaimed it. Coinbase premium then accelerated to the downside, whilst funding stayed decently positive(longs paying shorts) Now it looks a lot different. We lose the range trend, but have reclaimed it twice. Coinbase premium was minimally negative and has now flipped positive again. With funding has been a lot more negative. What this tells us is that Coinbase are not selling like they were, and there are a lot more people shorting i this position than there were during the last range, at this point. This tells me that even if we do go for the $60k low sweep, that the move down will be a lot less aggressive. Further solidifying the idea that it would just be a low sweep, that is reclaimed, and that would be the bulk of that move, finalising our bottom. I see this as the worst case scenario at this stage. Things look a lot healthier.

$BTC is expected to revisit the CME close at $66,939 soon. Keep this in mind if you are currently long.