BTC price drops to $91,500! Analyst: Exchange BTC reserves hit a new low, implying bullishness, with $90,000 as a key support.

Cryptocurrency analyst Axel Adler recently stated that the amount of BTC being transferred out of exchanges is greater than the amount being deposited, suggesting that investors are more inclined to hold BTC in cold wallets for the long term rather than actively trading, which may be a bullish signal. After reaching a historic high of $108,365 on December 17th, BTC has been experiencing a pullback and plummeted to as low as $91,540 on the evening of December 30th. However, MicroStrategy, the dominant holder of BTC, has once again increased its position by purchasing 2,138 BTC for $209 million at an average price of around $97,837 per bitcoin. According to the latest data from bitcointreasuries, MicroStrategy now holds a total of 446,400 BTC with a total cost of $27.9 billion and a floating profit of approximately $13 billion. Analyst Axel Adler believes that despite the recent pullback, the netflow-to-reserve ratio of BTC on exchanges is giving a positive signal, indicating that investors are more inclined to hold BTC in cold wallets for the long term, which usually indicates a price increase. The analyst also points out that historically, this indicator reached a significant peak at the end of the Bear Market in 2022, when smart money actively transferred BTC to wallets, marking the bottom of the Bear Market and laying the foundation for the subsequent Bull Market. Therefore, the analyst suggests that the current market conditions show a similar trend. Although BTC may struggle to break through the $100,000 mark in the short term, the decreasing exchange reserves indicate that the market's upward momentum is accumulating, which may support bullish prospects in the future. The key support level for BTC is around $90,000. If BTC receives strong support near $90,000, it may usher in a new round of upward movement. However, if it fails to hold above $90,000, a deeper pullback may occur, which could lead to more severe pullbacks in the entire cryptocurrency market.