Is This the Bitcoin Bottom Everyone’s Waiting For?
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Bitcoin’s recent drop has split the crypto community - some fear more pain ahead, while others see a prime accumulation window forming.
According to onchain data from Glassnode, exchange balances for Bitcoin have fallen to their lowest level in over six years, with roughly 45,000 BTC – worth around $4.8 billion – pulled from trading platforms since early October.
Analysts interpret these steady outflows as a sign that long-term holders are quietly building positions, convinced that current prices are undervalued.
At the same time, the 30-day Market Value to Realized Value (MVRV) ratio has sunk to -7.56%, showing that recent buyers are sitting on about 7.5% unrealized losses. Historically, such negative readings have often aligned with accumulation phases that precede trend reversals.
Despite short-term volatility, Bitcoin continues to hover just below $110,000 after losing its key $108,000 support. If buying pressure strengthens, a recovery toward $110,000 or even $112,500 could follow. However, failure to hold above $105,000 may open the door to another leg down near $101,500.
For now, shrinking exchange reserves and renewed whale activity hint that long-term conviction is growing — even as the market wrestles with uncertainty over whether the bottom is truly in.
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