The total BTC balance on exchanges continuously decreasing since 2020. This shows that investors are withdrawing and storing their BTC in hardware and cold wallets. They are accumulating BTC for long term. Less BTC on exchanges means less selling pressure.
I have been following this on-chain data for the last few weeks and people prefer to keep their bitcoin out of exchanges. There is a lot of bitcoin outflow from the exchanges which means that people are not willing to sell their bitcoins. The buying pressure will increase at exchanges and therefore bitcoin price will continue to rise.