Bitcoin Surges 3% to $103,800, Driven by Record Wallet Creation and Bullish Technicals

Bitcoin has decisively surpassed the $103,800 mark, marking its highest point since January. This surge is accompanied by a significant increase in network engagement, with over 344,620 new Bitcoin wallets created. This heightened activity suggests a growing interest in the cryptocurrency, potentially driven by the fear of missing out (FOMO) among investors.

Analysts have confirmed a rare milestone in Bitcoin's on-chain data: 100% of all unspent transaction outputs (UTXO) age bands are now in profit. This indicates robust investor confidence, as long-term holders, ETFs, and whales continue to accumulate Bitcoin. The Realized Cap, a metric that reflects the aggregate value of all coins at the price they were last moved, has been steadily climbing, further supporting the bullish sentiment.

Technical charts reinforce Bitcoin's strong breakout. The price has breached the upper Bollinger Band, currently noted at $102,701. This movement typically points to increased volatility and a solid bullish drive. If the breakout holds and upward pressure sustains, the next bullish target lies around $108,000, aligning with the euphoric momentum seen in prior parabolic moves. However, traders are advised to watch for potential short-term overbought signals.

The Moving Average Convergence Divergence (MACD) further supports the bullish case. The MACD line remains significantly above the signal line, with a wide positive histogram suggesting growing bullish momentum. This technical indicator, along with the breakout above the Bollinger Band, provides a strong foundation for the continued upward trajectory of Bitcoin's price.

In summary, Bitcoin's recent surge past $103,800, coupled with the growing number of active wallets and supportive technical indicators, points to a strong bullish momentum. The next key resistance level is around $108,000, and while the outlook is positive, traders should remain cautious of potential short-term volatility and be prepared for a pullback as the market digests the recent gains. The fundamental factors driving this surge, including increased adoption and institutional interest, further support the bullish outlook for Bitcoin.