$2.6 billion flows into the market, Bitcoin is poised for a new peak opportunity.

Bitcoin continues to maintain a stable upward trend since the beginning of the month, fueling hopes that this leading cryptocurrency could soon reach the threshold of 120,000 USD.

The excitement is reinforced by strong buying power from investors, as BTC holders show increasingly solid confidence. The resonance between positive technical signals and a solid fundamental background is sending a clear message to the market: the upward trend still dominates.

Bitcoin investors shift to accumulating holdings

The latest data shows that the Bitcoin accumulation rate is reaching its highest peak in nearly two months. In just 24 hours, investors have accumulated over 23,000 BTC, equivalent to 2.67 billion USD, while withdrawing these assets from the exchange.

In a historical context, withdrawing BTC from exchanges often reflects a long-term holding strategy rather than seeking short-term profits. This move indicates a significant shift in market sentiment compared to the early phase of the quarter, when selling pressure still prevailed.

The net flow of Bitcoin on exchanges | Source: GlassnodeTechnically, the squeeze momentum indicator is signaling a "bullish squeeze release" for Bitcoin – a sign that this cryptocurrency is accumulating strength and is ready for a new breakout in the short term.

The recent developments once again affirm the resilience of Bitcoin against the fierce fluctuations of the overall market. The current increasing momentum can be seen as a fuel source, helping the leading cryptocurrency maintain a positive position.

Bitcoin's squeeze momentum indicator | Source: TradingView## BTC price may break through key resistance

Currently, Bitcoin is trading around 116,027 USD, continuing to maintain a steady upward momentum since the beginning of the month. However, the "king of cryptocurrency" is facing an important challenge at the resistance level of 117,261 USD – a barrier that has repeatedly halted recent breakout attempts. Overcoming this resistance and turning it into support will be a crucial turning point for Bitcoin's next upward journey.

Daily BTC/USDT Chart | Source: TradingViewIf it successfully breaks through, BTC could very well approach the 120,000 USD mark in the short term, thanks to strong buying power and positive signals from momentum indicators.

On the contrary, if the upward momentum weakens, selling pressure may return. At that point, breaking below the support level of 115,000 USD would open up the risk of a deeper correction to 112,500 USD, while also negating the current bullish outlook.

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