Bitcoin Eyes Breakout as Bullish Signals Strengthen
Quick Overview
- Bitcoin (BTC) is approaching resistance at USD 96,500.
- Open interest is rising without signs of excessive leverage.
- Decline in BTC reserves on exchanges signals reduced selling pressure.
- Network activity is increasing significantly – nearly 925,000 active addresses daily.
- Investor profitability is rising without indicating overvaluation.
BTC Testing Key Resistance at USD 96,500
Over the past few days, Bitcoin has reached a key technical level: resistance around USD 96,500. This area corresponds to the 0.236 Fibonacci retracement of the previous price movement. If BTC can sustainably break through this level, a rise toward previous all-time highs could follow. Currently, the price stands at approximately USD 96,398 – a slight decline of 0.36% over the past 24 hours.
The Relative Strength Index (RSI) is at 68.3, indicating a strong but not yet overheated market phase. A breakthrough above USD 97,000 could initiate the next upward trend. If not, a short-term consolidation is likely.
Open Interest Rising – Market Shows Healthy Growth
A significant increase in open interest (open derivative positions) shows a growing number of market participants. Importantly, there are no signs of excessive leverage, suggesting a healthy market environment. Historically, rising open interest has often been associated with sustained price increases.
The long-to-short ratio on Binance currently shows a dominance of short positions. This indicates a balanced market, with both sides actively participating – a sign of stability.
Decline in BTC Reserves on Exchanges – A Bullish Signal
Bitcoin reserves on centralized exchanges have dropped to USD 238.31 billion – a decline of 0.67%. At the same time, net flow is at -4,330 BTC. This means more coins are being withdrawn from exchanges than deposited. Investors are securing their holdings in private wallets – typical behaviour during phases when price increases are expected.
Fewer available coins on exchanges mean reduced selling pressure. This creates a favourable environment for price stability or even further gains.
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Network Activity Increasing Noticeably
The number of daily active Bitcoin addresses has risen to 924,550 – one of the highest levels this year. This indicates that not only speculative traders are active, but also real user transactions are increasing.
This growth points to organic network expansion. Historically, rising address activity has often been accompanied by extended upward phases. This supports the thesis that the current recovery is based on solid fundamentals.
Profitability Rising, But No Signs of Overvaluation
The so-called MVRV Z-Score currently stands at 2.42. This metric measures the difference between the current market value and the realized value (the average price at which coins were last moved). A value above 3.5 is often seen as a warning sign of overvaluation. The current value is well below that – suggesting that while profits are being realized, there is no massive selling pressure.
The market environment remains constructive: investors are profitable but not overly greedy. This leaves room for further price increases.
Our Assessment
Bitcoin is currently showing a recovery supported by both technical and fundamental factors. The test of resistance at USD 96,500 is a critical moment. The movement is supported by rising open interest, declining exchange reserves, and increasing network activity. Investor profitability is also on the rise, without the market appearing overheated.
In the short term, it will be crucial whether BTC can turn the USD 96,500 to 97,000 range into support. If successful, new highs around USD 100,000 are possible. Otherwise, a sideways movement is expected before a new impulse follows.
Bitcoin thus remains an exciting market for investors who pay attention to technical strength and fundamental signals.
Sources
- CryptoQuant
- Santiment
- CoinGlass
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | $95,439.00 |
| 24h % | -0.56 % |
| 7d % | 1.45 % |
| 30d % | 15.62 % |
| 60d % | 6.22 % |
| 1y % | 48.34 % |
| Market Cap | $1,895,223,456,898.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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