Bitcoin Nears $150K, But Short-Term Risks Remain

Bitcoin is showing signs of a continued upward trend, pushing past the $100,000 mark and approaching the $150,000 target. Despite this bullish momentum, short-term risks are looming. Bitcoin’s recent rally has established a stair-step pattern, with each breakout from key support levels providing fuel for further gains. However, a potential breakdown in the short term could signal a shift in the market’s overall direction. Analysis of on-chain data reveals increasing exchange outflows which might indicate reduced supply, but also a softening of the price structure.