Three Reasons Why Bitcoin (BTC USD) Price Rallied Over 8% This Week
The post Three Reasons Why Bitcoin (BTC USD) Price Rallied Over 8% This Week appeared on BitcoinEthereumNews.com.
Bitcoin (BTC USD) just clocked a new ATH above $118,000 after rallying by over 9% this week. But even more noteworthy were the reasons behind this latest explosive performance. Here are the top 3 reasons. The latest upside may have been triggered by a supply shock. While the latest headlines read that holders were 100% in profit, the level of sell pressure remained weak. Moreover, the bullish performance was backed by aggressive Bitcoin outflows from exchanges. CryptoQuant data revealed that exchange reserves dipped below 2.4 million coins. Bitcoin (BTC USD) Exchange Reserve | Source: CryptoQuant The aggressive exchange reserve outflows continued even though BTC experienced resistance at the $110,000 price level since the last week of May. In other words, the sustained exchange outflows revealed that it was only a matter of time until a breakout occurred, driven by buying pressure. Whale Activity Provides Bullish Boost For Bitcoin (BTC USD) Earlier in the week, whales demonstrated a selloff in the spot market but executed large bullish positions in the derivatives segment. The spot outflows from whale addresses may have triggered a false selloff, but market activity may have misled retail traders. Recent data revealed that there was a shift in whale activity since mid-week, this time in favor of aggressive accumulation for Bitcoin (BTC USD). In other words, robust liquidity injection from the whale cohort contributed significantly to BTC’s foray into new highs. Most of the spot sales were observed on Binance, while whales were predominantly active on Coinbase. However, according to a recent CryptoQuant analysis, Binance whales took over with the recent surge. But despite these observations, market data also revealed that there was heavy profit-taking on the way up. This was also accompanied by heavy short positions. For example, Coinglass data revealed that there was about $95 million…
Filed under: News - @ July 11, 2025 10:25 pm