Bitcoin continues to hover just below its previous all-time high, consolidating around the $109,000 mark despite a modest 1.9% gain over the past day. The asset reached a 7-day high of $110,307 but has yet to reclaim the historic high of $111,814, a level set back in May.
While short-term price action remains within a tight range, on-chain data reveals deeper structural developments that could shape Bitcoin’s trajectory in the weeks ahead.
As attention focuses on Bitcoin’s potential for a breakout, some analysts are turning to supply dynamics for clues. One notable observation comes from CryptoQuant contributor Chairman Lee, who has identified a significant reduction in BTC held on centralized exchanges.
This trend
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