$BTC Bitcoin [BTC] has hit $97K for the first time since February, putting it just 3.5% away from $100K. On-chain metrics also suggest that $100K is within reach. In particular, CryptoQuant pointed out that the short-term accumulation trend (1 day to 1 week) in Q2 2025 reflects the patterns that stimulated the bull run in early and late 2024. Bitcoin mining system provider Blockware also shares the bullish view. The company notes that the supply coming out of long-term holders is increasing. But perhaps the most important demand factor is the recovery in USD liquidity. Blockware’s chart shows a positive correlation between BTC and USD liquidity. For example, the strong growth in USD liquidity in 2020-2021 led to a BTC wave to $69K from $3.5K.