Bitcoin's Active Addresses Surge 20% as Price Nears $100,000

Bitcoin has recently shown significant activity, with bulls attempting to push the price higher from just under $97,000. This move follows a period of consolidation near $95,000, during which Bitcoin broke out to $97,000 before reversing and forming a fair value gap. This surge in activity has led to a notable increase in the number of active addresses on the Bitcoin blockchain, with crypto analyst Ali Martinez reporting that 925,914 BTC addresses were active within a single day, marking the highest level of engagement in the past six months. This spike in activity coincides with Bitcoin's recent reclaim of the $95,000 price range, indicating a strong bullish sentiment among investors.

Adding to the bullish outlook, crypto analyst TehThomas shared a technical analysis that suggests a continuation toward $100,000. The analysis points to a pattern similar to the one seen in mid-April, where Bitcoin consolidated near $86,000, broke out, left behind a fair value gap, retested the gap, and rallied nearly $10,000. Currently, Bitcoin is trading at $95,424, and the key to the bullish scenario is for buyers to defend the new fair value gap between $94,200 and $95,000. If this defense holds, the path to $100,000 remains structurally intact. However, if Bitcoin drops back into the old range below $94,000, the situation could turn bearish.

Not all analysts are convinced that Bitcoin will reach $100,000 without a shakeout first. A counterview on the TradingView platform highlights a possible short-term bearish setup based on the BTCUSDT 15-minute chart. The analysis suggests that the current upward retracement appears corrective rather than impulsive, forming a classic short setup within a strong fair value gap resistance zone. Technical analysis shows that Bitcoin has retraced into a region that aligns with a bearish fair value gap and the golden pocket zone defined by the 0.618 to 0.65 Fibonacci levels. The fair value gap is currently sitting between $97,000 and $97,450, and if the price fails to break through this supply region, it could reverse and catch bulls off guard. At the time of writing, Bitcoin was trading at $96,040, highlighting the ongoing volatility and uncertainty in the market.