Bitcoin (BTC) has surged to $97,124, marking a 3.4% increase, as investor optimism grows and on-chain accumulation intensifies.
Key Highlights
Price Surge: BTC's recent rally reflects a 3.5% gain over the past week and a 28% increase over the past month, signaling strong bullish momentum.
On-Chain Accumulation:
Long-Term Holders (LTHs): Wallets holding BTC for over 155 days have added more than 250,000 BTC since early March, totaling over 14 million BTC.
Short-Term Holders (STHs): After selling over 200,000 BTC during a previous downturn, STHs have acquired more than 25,000 BTC in the past week.
ETF Inflows: U.S.-listed Bitcoin spot ETFs have seen accelerated inflows over the past two weeks, reversing April's outflows and boosting investor sentiment.
Political Endorsement: Eric Trump confirmed that President Donald Trump holds a significant BTC position, emphasizing the importance of crypto in the financial landscape.
Market Liquidity: Bybit's market depth has recovered to pre-hack levels, indicating improved liquidity and stability in the trading environment.
Looking Ahead
Bitcoin is approaching a significant resistance level near $99,900, a zone that may prompt profit-taking. The cryptocurrency's short-term trajectory will depend on factors such as Federal Reserve policy decisions, macroeconomic conditions, and ongoing ETF flow dynamics.
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📢Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions.