Recent recovery observed in BTC price: Bitcoin (BTC) recovered from a dip below 94,500 USD to nearly 98,700 USD. The market sentiment appears positive, with potential price targets set between 101,000 USD and 275,000 USD, driven by bullish indicators.
Supply reduction signals bullish trend: BTC supply on exchanges has decreased to mid-2018 levels, suggesting reduced selling pressure. The Network Value to Metcalfe (NVM) ratio at approximately 1.5 indicates BTC may be undervalued, hinting at a price increase.