Bitcoin is currently trading near its all-time high, with prices around $91,116, reflecting a 1.1% increase in the past day.

Exchange reserves of Bitcoin have dropped to 2.57 million BTC, marking the lowest level since November 2018, indicating a significant shift in market dynamics.

The ongoing robust price action is supported by demand outpacing supply, which mitigates the effects of selling and profit-taking.

Bitcoin's NVT Golden Cross has entered bullish territory, indicating that transaction activity is high relative to its market valuation, a sign of healthy network usage.

Open Interest in Bitcoin derivatives has reached new highs of $26.8 billion, signaling heightened speculative activity amidst rising prices.

However, elevated Open Interest levels may lead to caution, as sharp price movements often result in liquidations, particularly with high leverage.

Sustained net outflows from exchanges, with 7.5K BTC outflows versus 4.2K BTC inflows, reflect ongoing accumulation as investors transfer Bitcoin to cold wallets.

This trend of reducing exchange reserves suggests that more investors are moving their Bitcoin to cold storage, signaling long-term holding intentions.

Despite a notable increase in selling activity from long-term holders (LTHs), the market has absorbed this additional supply without significant price impact.

Analysts note that while LTHs are distributing their holdings, strong demand continues to support Bitcoin's price, maintaining bullish momentum.

Current investor behavior reflects a more mature market, with individuals making informed decisions rather than engaging in speculative trading.

As Bitcoin approaches the psychological $100,000 threshold, the potential for reduced market liquidity could set the stage for a market correction.