Bitcoin Nears All-Time High as Miners Begin Profit-Taking
Bitcoin (BTCUSD)
Fundamental Analysis
Bitcoin is trading near its all-time high of $123,000, but on-chain data shows that BTC inflows to exchanges are significantly lower compared to previous bull runs in 2017 and 2021. This suggests that major investors are still holding and not taking profits yet, reinforcing confidence in the current uptrend.
However, miners have started to take profits aggressively, with BTC outflows from miners to exchanges reaching 16,000 BTC on July 15 — the highest level since April. If the Inter-Exchange Flow (IFP) indicator reverses upward, it could serve as a warning signal for upcoming selling pressure.
Technical Analysis
Price has broken through multiple supply zones, shifting into a high-range accumulation phase above the $116,000–$120,000 area.
RSI: Currently around 53 — neutral, with no clear overbought or oversold signal. However, RSI is gradually recovering after a recent pullback, indicating signs of accumulation.
Next major resistance if a breakout occurs: $123,236 (the previous high from July 14).
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