Bitcoin Holders Go Full HODL Mode: Withdrawals Hit 7-Year High as BTC Hovers Near $90K

Bitcoin is stuck in a classic crypto limbo—hovering around $90,000 like a indecisive trader staring at a "buy" button. But while the price plays it cool, Bitcoin holders are making a power move: they’re yanking their coins off exchanges faster than a rug pull in a meme coin chat.

Fresh on-chain data from Binance shows Bitcoin withdrawals have skyrocketed to a seven-year high, peaking at 3,100 daily transactions earlier this month. Meanwhile, deposits? They’ve nosedived to an eight-year low, with just 320 transactions. It’s like a mass exodus—everyone’s rushing to cold storage, leaving exchanges looking like a ghost town.

This withdrawal frenzy—paired with dwindling deposits—has analysts buzzing about a "supply shock." Bitcoin is being locked away like a treasure chest, shrinking the pool of BTC available for trading. If demand kicks in, that scarcity could send prices on a one-way trip to the moon.

CryptoOnchain, the data guru behind the insights, didn’t mince words: "Existing supply is being removed from the order books, and new selling pressure is virtually non-existent. This behavior indicates extreme conviction among investors." In other words, Bitcoin holders aren’t just optimistic—they’re all-in.

So, what’s next for BTC? The price is currently stuck in a tight range, with $109,000 looming as the ultimate resistance level. If Bitcoin can smash through that ceiling, we might see a bullish breakout propelling it toward $100,000—or even higher. But if it trips below $80,000, watch out—the next support zone is waiting between $62,000 and $71,000.

For now, Bitcoin’s trading below key moving averages, keeping traders guessing. But with holders refusing to sell and withdrawals hitting historic highs, one thing’s clear: the crypto crowd is bracing for a wild ride. Buckle up—this HODL wave might just be the calm before Bitcoin’s next big surge.