Bitcoin's Active Addresses Surge 20% In A Day, Price Hovers Near $97,000
2min read Bitcoin's active addresses have surged to a six-month high, with 925,914 addresses recorded in a single day. This significant increase in network activity suggests a strong resurgence of interest and potential accumulation among market participants. The cryptocurrency is currently attempting to maintain its breakout above $97,000, a critical level that, if sustained, could pave the way for further gains.
The market is at a decisive phase, with bulls aiming to push Bitcoin above the psychological $100,000 mark. A successful breakout above this level could trigger a wave of renewed buying interest, potentially marking the start of a new all-time high run. However, failure to reclaim this level may signal exhaustion, leading to another consolidation or even a correction phase.
On the other hand, the recent price action reflects a bearish divergence between on-chain activity and price movement. On the same day the active address count surged, approximately 5,000 BTC flowed into derivative exchanges, signaling speculative positioning rather than genuine spot BTC demand. This could indicate leverage-driven selling, which likely caused the price dip.
Further compounding this, Bitcoin’s active addresses sharply declined from a six-month peak to a two-week low the day after. This drop reflected a clear hesitation among traders to engage in spot buying near the $97k level, signaling waning participation and reluctance to accumulate BTC at elevated valuations. In this context, the $100k target appears increasingly speculative.
Analysts are divided on the next move for Bitcoin. Some point to improving technical structure and strong demand zones as signs of a bullish continuation. Others argue that macroeconomic uncertainty, including persistent global tensions and shifting monetary policy, could cap further upside in the near term.
On-chain data provides additional insight into the market's sentiment. The uptick in engagement reflects rising interest and potential accumulation as the market anticipates its next move. This surge in network activity is often associated with the early phases of a new bullish leg, suggesting that Bitcoin could be set for a move into uncharted territory if this activity persists and price breaks above resistance.
However, risks still loom. Global trade tensions, monetary policy shifts, and geopolitical uncertainty continue to cloud the broader financial landscape. Any sharp shift in macro conditions could derail this momentum.
Technical analysis shows a steady uptrend for Bitcoin, with the cryptocurrency currently trading at $95,933 after briefly reaching highs near $97,000. The price structure remains bullish above both the 200-period SMA and EMA, which are now sloping upward, reinforcing the strength of the ongoing rally. This suggests that Bitcoin is maintaining healthy momentum after breaking out of its multi-week range below $90,000 in mid-April.
Volume has slightly tapered off in recent sessions, which could indicate temporary exhaustion or a pause before the next major move. Bulls are in control as long as the price holds above the $93,000-$94,000 region, which has now flipped into support after being a resistance zone during the prior consolidation phase.
The next major resistance is psychological and structural: $100,000. A clean breakout above this mark could trigger a surge toward the $103,600 level. If bulls fail to push through soon, a short-term pullback toward the $92,000 region would not invalidate the bullish trend but would signal the need for more accumulation.
