Bitcoin (BTC) has once again captured the market's attention, surging past the significant $118,000 milestone. The leading cryptocurrency is demonstrating robust strength, signaling a potentially new phase of bullish momentum.
Follow the Whales: On-Chain Clues Point to Major Accumulation
As of August 10, 2025, 03:22 AM (UTC), Binance market data confirmed that Bitcoin broke the $118,000 resistance level. It is currently trading at 118,036.02, reflecting a 1.38% increase over the last 24 hours. While this single-day gain is modest, it's part of a larger upward trend that has the community buzzing.
This price action is supported by strong underlying metrics. According to on-chain analytics from Glassnode, the number of active Bitcoin addresses has seen a 7% week-over-week increase, suggesting growing network participation and userengagement. Furthermore, data from CryptoQuant shows a significant outflow of BTC from major exchanges, with over 12,000 BTC moved to private wallets in the last 72 hours. This trend often indicates that investors are accumulating and planning to hold for the long term, reducing the available supply on the market.
What's Driving the Current Rally?
Several factors appear to be contributing to this bullish sentiment:
Strong Institutional Inflows: Spot Bitcoin ETFs have seen a renewed wave of interest. Data from Farside Investors reveals that major US-based Bitcoin ETFs collectively absorbed over $1.2 billion in net inflows last week alone. This sustained institutional demand provides a strong price floor and validates Bitcoin as a legitimate asset class.
Positive Macroeconomic Environment: Recent statements from global central banks hinting at more accommodative monetary policies have boosted risk assets, including cryptocurrencies. With inflation showing signs of cooling, investors are moving capital into assets with higher growth potential.
Positive Market Sentiment: The Crypto Fear & Greed Index has shifted firmly into the "Greed" territory, currently sitting at a score of 76. This indicates high market optimism and a reduced fear of downturns, often fueling further buying pressure.
Looking Ahead: Key Levels to Watch
Traders are now closely monitoring the next major resistance level, which technical analysts place near the $120,000 psychological barrier. A decisive break above this could open the door for a move towards the all-time highs. On the downside, the previous resistance at $115,000 is now expected to act as a crucial support level.
As Bitcoin continues its impressive climb, the question on every investor's mind is: how high can it go this time? The combination of strong on-chain data, institutional buying, and positive market sentiment paints a promising picture for the road ahead.