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Bitcoin's Active Addresses Surge 30% In 24 Hours, Price Nears $100,000

Coin WorldSunday, May 4, 2025 7:06 am ET

1min read

Bitcoin’s network activity has surged to a six-month high, with over 925,000 active addresses recorded within a 24-hour period as of May 3. This significant increase in network participation suggests a growing interest from investors and speculators, potentially setting the stage for a substantial price movement.

The rise in active addresses closely mirrors Bitcoin’s price trajectory, which has steadily climbed from its mid-April lows. This correlation indicates that heightened network activity often precedes strong market moves, signaling increased user demand and transaction volume across the blockchain.

Currently, Bitcoin is consolidating in a narrow range just below a key resistance level of $98,290. A breakout above this level could propel the cryptocurrency toward the highly anticipated $100,000 milestone. Conversely, $96,160 serves as a crucial support level, with the price oscillating between these two markers. This tight trading band suggests that Bitcoin is poised for a decisive breakout in either direction.

According to the analyst's forecast, several artificial intelligence (AI) models predict that Bitcoin could reach the $100,000 mark by the end of May. This forecast is supported by technical insights indicating that Bitcoin is erasing traces of the recent “Tariffs correction” that affected the markets. If this correction is fully erased, the analyst stated that Bitcoin would be open to claiming the $106,000 target.

At the time of reporting, Bitcoin was trading at $95,470, reflecting a slight decrease of 0.8% over the past 24 hours, while gaining nearly 2% over the past week. Market sentiment remains bullish, with Bitcoin registering a “greed” score of 65. Technically, the asset is trading above the 50-day ($86,939) and 200-day ($86,139) simple moving averages (SMA), confirming an ongoing uptrend.

However, traders should exercise caution due to the potential for a short-term pullback. Bitcoin’s relative strength index (RSI) stands at 66.42, indicating slightly overbought conditions. This suggests that while the market remains bullish, there may be some near-term volatility as the asset adjusts to its recent gains.

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