Bitcoin buying activity has surged 59% in two days as the cryptocurrency hovers below a key resistance level near $89,250. On-chain data shows accelerating exchange outflows and whale accumulation, though the price has remained range-bound through most of December.
What Happened: Accumulation Accelerates
Exchange outflows jumped from roughly 26,098 BTC on Dec. 19 to 41,493 BTC by Dec. 21. The metric tracks coins moving off centralized platforms, typically indicating buyers transferring assets into self-custody.
Entities holding at least 1,000 Bitcoin have increased since Dec. 20 after dropping sharply on Dec. 17.
The count remains slightly below recent six-month highs but shows renewed accumulation among large holders.
The divergence between whale activity and exchange flows suggests retail and mid-sized buyers are contributing to spot demand alongside institutional players. Bitcoin has gained roughly 5% over 30 days but showed minimal movement in the past week.
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Why It Matters: Resistance Test
The $89,250 level has capped price advances since mid-December.
A sustained break above this point could open a path toward $96,700, a zone that has rejected multiple rally attempts.
Downside support holds at $87,590, with further floors at $83,550 and $80,530 if selling pressure increases. The cryptocurrency trades between rising demand signals and persistent overhead resistance as the year ends.
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