Coinotag: bitcoin breaks $94,000 following period of narrow-range consolidation

According to Coinotag, bitcoin has now broken through the $94,000 level, gaining momentum after weeks of narrow-range consolidation. The reserve ratio on Binance suggests continued bullish potential for the cryptocurrency.

Analysts at Alphractal suggest that the growing stablecoin reserves relative to bitcoin could trigger increased buying activity for the asset in the near term.

A sharp rise in cryptocurrency exchange outflows is further supporting the bullish case. The most recent spike took place particularly after bitcoin cleared $94,000, signaling investors are moving coins off exchanges, which is a classic indicator of long-term accumulation strategies, Coinotag notes.

Nevertheless, overall liquidity remains constrained despite the growth in stablecoin reserves. Experts of the online resource note that high central bank interest rates and investors' cautious approach to riskier assets point to slowing capital inflows into cryptocurrencies.