Bitcoin’s recovery on track! THIS signals BTC’s potential for $100K breakout
The post Bitcoin’s recovery on track! THIS signals BTC’s potential for $100K breakout appeared on BitcoinEthereumNews.com.
Bitcoin tested $96.5K, a key resistance level that may trigger further upside if broken. Open Interest surged, reflecting renewed market participation without signs of excessive leverage buildup. Bitcoin’s [BTC] recent momentum has been accompanied by a notable surge with rising Open Interest, reflecting renewed market participation. This increase mirrors historical bullish setups where rising open interest preceded strong price action. Importantly, Funding Rates remained balanced, while Binance data showed shorts in control, indicating a healthy, two-sided market. At press time, BTC traded at $96,398.33, down 0.36% over the last 24 hours. Is supply-side pressure easing across exchanges? Bitcoin’s Exchange Reserve declined to $238.31 billion, reflecting a 0.67% drop. This decrease suggests that investors are increasingly moving BTC off exchanges, typically a bullish signal tied to reduced sell-side pressure. Moreover, netflow stood at -4.33K BTC, reflecting a +2.45% shift toward outflows. Therefore, this shift in reserve and netflow structure highlights growing accumulation behavior. The current supply dynamics signal that fewer coins are available for immediate sale, providing a favorable backdrop for price stability and potential upside. Source: CryptoQuant Are Bitcoin users returning to the network in large numbers? Network engagement is on the rise, with Daily Active Bitcoin Addresses spiking to 924.55K, among the highest levels this year. This uptick reflects increased blockchain activity and broader interest in Bitcoin transactions. Therefore, the heightened address count signals strong organic network usage rather than purely speculative volume. Historically, higher Active Address counts have accompanied sustained bullish phases, lending further support to the current recovery narrative. If this trend continues, it could reinforce BTC’s momentum and validate the on-chain strength behind its rebound. Source: Santiment Is profitability returning without signaling overvaluation? Profitability is back, but not at worrying levels. The MVRV Z-score climbed to 2.42, marking a significant recovery from its March lows. While…
Filed under: News - @ May 4, 2025 2:04 am