- Over 45,000 Bitcoin worth $5.5 billion have left centralized exchanges in a week.
- Spot Bitcoin ETFs recorded seven straight days of inflows, pushing BTC above $121,000.
- With RSI steady at 58 and MACD flashing bullish, analysts see a potential breakout above $126,000 toward $145,000.
Bitcoin price has risen 1.7% in one week, despite dropping 0.2% in the last 24 hours to trade at $121,397 as of 5:52 a.m. EST on a 28% surge in trading volume to $72 billion.
Bitcoin Price Hovers Above $121,000 as $5.5B BTC Exit CEXs
Bitcoin roared back into the spotlight this week, climbing above $121,000 as investors piled in amid signs of tightening supply. According to Sentora HQ, over $5.5 billion worth of BTC (roughly 45,000 coins) poured out of exchange wallets in just the past week, a clear signal that holders are locking up their assets for the long haul.
This exodus lines up perfectly with a hot streak for spot Bitcoin ETFs, which racked up $5.3 billion in net inflows over seven straight days. It’s no wonder the market feels electric; big money is betting on more upside.
The Numbers Signal Growing Confidence
Exchange outflows have accelerated, with over 114,000 BTC ($14 billion) pulled in the last two weeks alone, leaving platforms with slimmer inventories. ETF demand has been relentless, drawing in institutional cash and pushing BTC to fresh all-time highs above $125,000 just days ago.
Now trading around $121,798, Bitcoin is shaking off a brief dip, buoyed by “Uptober” vibes and broader risk-on sentiment tied to U.S. economic jitters.
The market mood right now is “greed”, as the Bitcoin Fear and Greed Index hit 64 today, signaling optimism without the froth of outright mania.
Traders on X are speculating potential pullbacks but see them as buying chances. One analyst, Ali, sketched a “worst-case” drop to $96,000 or even $70,000 if rejection hits at $124,000. However, investors dismissed it as unlikely in this institution-driven era.
Bitcoin Price Eyes $145,000 ATH Next, But This Must Happen First
Diving into the BTC/USDT chart, the setup screams bullish momentum. BTC’s candlesticks show a steady climb from November 2024 lows around $50,000, breaking through purple support bands of the Fibonacci retracement indicator.
The BTC price sits comfortably above the 50-day simple moving average (SMA) at $112,786, a key bullish marker.
The Relative Strength Index (RSI) reads 58.37, which is neutral but leaning positive, far from overbought territory that could spell a cooldown. Down below, the MACD line (blue) just crossed above the signal line (orange), and with a rising histogram, it confirms an upward steam without divergence warnings.
Overall, this chart forecasts continuation: a break above $126,030 (recent high) could ignite the next leg.
Analysts are circling $145,000 as the hot target for late October or year-end as it coincides with the 0.618 fib extension level. Consolidation after the $126,000 peak is healthy, and is setting up an “explosive” push fueled by ETF flows and scarcity.
Volatility is spiking as options traders load up on $145,000-$155,000 calls for month-end expiry, and if Fed rate cuts materialize, that ceiling could shatter.
Bitcoin’s story is one of supply squeeze meets demand surge. Retail might chase, but institutions are steering. Watch for a quick dip to $117,000 – $118,000 before upward continuation and breakout above $124,000. History says October winners keep winning.
Disclaimer: The facts and analysis presented here are only for informational purposes. Readers should not interpret the content of this article as financial advice or product recommendations.
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