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Bitcoin Hits $106K: Institutional Demand and Supply Crunch Fuel Record-Breaking Rally

Bitcoin has surged to a new all-time high of $106,000, driven by unprecedented institutional demand and a tightening supply across OTC desks. Key factors contributing to this rally include:

1. _Institutional Accumulation_: OTC desk balances have dropped sharply, with 25,000 BTC leaving these desks in the past 30 days.
2. _Supply Squeeze_: Apparent demand has outpaced supply, creating a supply shortage in the market.
3. _Bullish Price Action_: Bitcoin's price chart confirms strong bullish sentiment, with the price forming a clear uptrend and remaining above its 50-day and 200-day moving averages.

While short-term consolidation may occur, the long-term outlook remains firmly bullish as institutional confidence and demand for Bitcoin show no signs of slowing.