Bitcoin Price Forecast: BTC hits fresh high above $110,000 with low selling pressure as on-chain metrics strengthen :

Bitcoin extends its rally on Thursday, trading above $110,000 and eyeing the $120,000 milestone.
BTC’s open interest surpasses $80 billion while selling pressure remains muted, highlighted by low exchange inflow activity.
The Texas Senate passed the Strategic Bitcoin Reserve bill , which awaits the Governor’s signature, signaling growing institutional support.
Bitcoin (BTC) continues its rally, setting a new all-time high of $111,880 on Thursday, eyeing the $120,000 milestone. On-chain data further supports the bullish thesis, with open interest at new highs and low exchange inflow activity, a sign of reduced selling pressure. Additionally, the Texas Senate passed the Strategic Bitcoin Reserve bill SB21 on Wednesday, another factor supporting institutional support to the main crypto.
Bitcoin price soars as on-chain metrics shine
CoinGlass’ data shows that the futures’ Open Interest (OI) in BTC surpassed $80 billion on Thursday, a new all-time high, reflecting strong market engagement. An increasing OI represents new or additional money entering the market and new buying, which could fuel the current BTC price rally.
Selling pressure remains subdued, as indicated by low exchange inflow activity. According to data from a CryptoQuant report showed in the chart below, Bitcoin inflows to exchanges stand roughly at 22,000 BTC, a sharp decline from the 121,000 BTC seen in November, when Bitcoin first surpassed the $100,000 mark.

Historically, higher exchange inflows have signaled increased selling pressure. As the current levels are muted, they suggest reduced intent to sell among investors, which could support further price increases.
Adding to the positive metrics, the number of individual deposits to exchanges has dropped significantly, falling from 98,000 in November to just 29,000 on Wednesday, reinforcing the view that investor selling activity remains limited despite elevated prices.
USDT inflows to exchanges further support the bullish outlook. On Wednesday, USDT inflows at exchanges reached a new all-time high of $46.9 billion. The growth in stablecoin balances signals increasing market liquidity, which generally tends to support digital asset prices.
#BTC