Assessment of Bitcoin's Value: Can the Current Surge Continue or Is a Retraction Imminent?

Bitcoin currently hovers around the $108,000 mark, showing signs of strength despite a slight decrease in momentum following a sharp rise from April's lows. The daily chart shows Bitcoin above both the 100-day and 200-day moving averages, which are in the $90,000 - $96,000 range, and the RSI is around 63.

The 4-hour chart shows a rising channel structure with a horizontal support level at $106,000. On-chain data shows exchange reserves at their lowest level in years, around 2.4 million BTC, suggesting investors are moving Bitcoin off exchanges, possibly for long-term storage.

This decrease in sell-side liquidity, along with climbing prices and favorable macro conditions, suggests conditions are ripe for higher valuations.