Bitcoin (BTC) Price Hints at Accumulation as Investors Eye New ATHs

Bitcoin (BTC) price action hints at accumulation as investors eye new all-time highs.

Bitcoin (BTC) price dropped sharply on Jan. 7 after setting a new all-time high at $102,180 on Jan. 6. The sudden price decline occurred as traders expected BTC to retest the $100,000 level, which it failed to do on its first attempt.

Despite the short-term BTC drawdowns, major exchanges continued to observe significant investor activity, hinting at a bullish urgency among traders.

Bitcoin investors on Binance hint at accumulation

Burak Kesmeci, a verified analyst at CryptoQuant, highlighted that the 14-day simple moving average (SMA14), which tracks Binance’s net flow, has turned negative. As illustrated in the chart, each time the SMA14 has turned negative, BTC has exhibited a bullish shift in the charts.

Bitcoin exchange netflow on Binance. Source: CryptoQuant

Furthermore, Bitcoin outflows on Binance reached 5,407 BTC, the highest amount over the past month. In line with the developments, the analyst noted:

“Each time the Binance netflow 14SMA (simple moving average) turns negative, we've seen bullish moves in BTC. Also, the net outflows from Binance are at their highest in the past month (5,407 BTC).”

In cohesion with Binance traders, US retail investors also indicated a revival of buying pressure after the Coinbase premium index turned positive in 2025. The index also moved above the SMA14, a strong bullish signal. Previously, when the index crossed above the SMA14 line, BTC moved from $69,000 to $108,000 in Q4 2024.

Related: Bitcoin gurus see these BTC price levels hitting next as $100K holds

Bitcoin should hold $98,000 to hit new ATHs

The Bitcoin community’s $100,000 celebration was cut short as BTC nullified its previous day’s returns. Nevertheless, from a technical perspective, it does not invalidate the bullish market structure.

Bitcoin 4-hour chart. Source: Cointelegraph/TradingViewAs illustrated in the chart, Bitcoin's current move from above $102,000 to under $98,000 is between liquidity pools. Liquidity pools are areas where traders place their positions, such as limit orders, sell orders, stop losses and take profits. Hence, the price often oscillates between these regions.

BTC’s rise above $99,000 on Jan. 6, cleared the equal highs (EQ) created on Dec. 21 and 26. Sellers sold their positions around the supply zone later on, leading to the current price decline.

Considering the same market behavior, BTC could clear the equal lows around $97,377 and $96,700 before bouncing from the order block at $96,700.

Thus, a daily close above $97,000–$98,000 would allow Bitcoin to retain its bullish structure.

Michael van de Poppe, founder of MNCapital, highlighted a similar price level for retesting after BTC exceeded $100,000 over the first week of 2025. The analyst noted:

“After crossing $100K in the first week of the year, Bitcoin is now retesting the crucial zone around $97K-$98K. A bounce here will lead to continuation towards new all-time highs.”

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.