Bitcoin may hit $110K as Strategy absorbs nearly 3x new BTC supply

💡 DMK Insight

Bitcoin’s recent buying surge could flip the script on its bearish outlook. With Strategy acquiring 46,233 BTC while only 16,200 BTC was supplied, this imbalance hints at strong demand. If Bitcoin can hold above the current level of $68,951, it might invalidate the bear flag pattern traders have been watching. This could trigger a short squeeze, especially if retail traders start piling in, pushing prices higher. Keep an eye on the $70,000 resistance level; a breakout here could signal a bullish reversal. On the flip side, if selling pressure returns and Bitcoin drops below $68,000, it could reignite bearish sentiment, leading to further downside. Watch for volume spikes and any news that could impact sentiment. The next few days will be crucial; if the buying momentum continues, we could see a significant shift in market dynamics.