From late 2024 till now, Bitcoin (BTC/USD) was consolidating within a broad sideways range between well-defined support and resistance levels on the 4H Renko chart. During this time, market indecision was obvious as neither bulls nor bears could establish dominance.
Recently, BTC has decisively broken out above the major resistance zone at ~$108,000 — as seen with my custom Renko + Decision Tree + S/R Channel script ([strategy code by cryptoonchain, see script details below]). This breakout above resistance technically suggests the end of range-bound price action and the potential start of a new bullish trend, especially when confirmed by on-chain data.
On-Chain Netflow Confirmation
As I originally highlighted in my CryptoQuant Netflow analysis (published under the username ‘cryptoonchain’ on CryptoQuant platform):
Total Exchange Netflow for Bitcoin has recently dropped to its lowest level since February 16, 2023 — at which point the last bullish cycle began.
Negative Netflow means more BTC is being withdrawn from exchanges than deposited, indicating reduced selling pressure and strong holder conviction.
Binance-specific Netflow also confirms massive outflows, a sign whales and large traders are accumulating and withdrawing funds from trading venues.
Historically, this combination — a technical breakout (Renko) and deep negative on-chain netflow (dataset: CryptoQuant) — has preceded major bull runs.
Summary
Based on both my Renko model and current on-chain flows:
The breakout above 108,000 resistance marks the start of a likely new uptrend for BTC (now 119,000).
On-chain data via CryptoQuant strongly supports the bullish scenario.
Invalidation
If BTC returns below $108,000 and consolidates there, this bullish outlook is invalidated and a reassessment is required.
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