$USDC Bitcoin, the leading cryptocurrency, has recently shown signs of recovery after a period of consolidation. In recent weeks, the price action of BTC has started to rise, suggesting the possibility of a rally that could push the cryptocurrency towards the much-anticipated mark of 100,000 dollars.

This movement has sparked renewed optimism among investors, as a significant price increase could bring considerable profits to those holding BTC.

Bitcoin investors are eager for profits

The MVRV ratio (Market Value to Realized Value) has recently bounced back from the midpoint of 1.74, which has historically been a strong confidence point for Bitcoin. When this ratio rebounds from the level of 1.74, it often signals the early stages of a bull market.

This market structure closely reflects the view during the previous consolidation phase in 2024, which culminated in a peak during the unwinding of the yen-carry-trade in August.

After this, Bitcoin experienced a strong price jump in September 2024, validating the bullish signal provided by the MVRV ratio. As the price of Bitcoin approaches this key level once again, there is potential for similar price action.

The overall macro momentum for Bitcoin is also supported by strong demand from investors. According to IOMAP (In/Out of the Money Around Price) data, approximately 649,600 BTC, valued at over 61.6 billion dollars, were bought between 95,193 dollars and 97,437 dollars.

This large accumulation by investors establishes a solid support level for Bitcoin, as long as BTC holders refrain from selling immediately to reach the break-even point. BTC could rise further if greed leads these investors to hold instead of sell.

Combined with the first signs of a bull market and profit demand, Bitcoin could reach the resistance of 98,000 dollars.