$127K in sight for Bitcoin? What’s next as BTC rises amid drying supplies

Key Points

1. Bitcoin nears the $127,000 target, trading around $122,400, with whale inflows surging 195% in seven days and 547% in 90 days.

2. Exchange netflows are significantly negative, with 2.82K BTC exiting centralized platforms, reducing sell-side liquidity and supporting a bullish outlook.

3. The Puell Multiple dropped 11.39% to 1.27, indicating reduced miner selling pressure and reinforcing the bullish structure above $100K.

4. The NVT Golden Cross rose 31% to 0.94, suggesting Bitcoin’s network is undervalued relative to transaction volume, signaling potential organic growth.

5. Bitcoin’s proximity to the +1.5σ MVRV band and strong fundamentals suggest a bullish setup, though caution is advised near overvaluation levels.