The breakout above the previous record of $109,588 was accompanied by a sharp spike in buying volume. According to analysts, this event marks the end of the corrective phase and the beginning of a new price discovery stage for the asset. BTC’s market capitalization has reached $2 trillion. What’s next?
Large Players Are Increasing Their Positions
While retail investors remain cautious, large holders are showing confidence. One of them, James Wynn, increased his long position to $1 billion. The surge in activity among such players coincided with record inflows into Bitcoin ETFs and a growing share of profitable BTC holders.
As a result, open interest on the futures market hit a new high, adding $13 billion on Binance, according to Coinglass. This metric reflects the total number of outstanding futures and options contracts and usually indicates rising liquidity and volatility.
Technical Signals Point to Continued Growth
Bitcoin has broken through its final resistance level and formed a V-shaped reversal. The 50-day and 200-day moving averages are approaching a so-called “golden cross” — a potential signal of a bullish trend.
At the same time, the +DI and –DI indicators, which were previously on track for a bearish crossover, reversed direction after the recent price surge and confirmed a bullish divergence.
This technical confirmation of a new trend strengthens expectations that BTC may remain in the price discovery phase in the near future.
Network Metrics: Growth Potential Remains
According to CryptoQuant data, despite the sharp price increase, BTC has not entered the overheating zone. This is reflected in the NVT Golden Cross value, which currently stands at 1.5.
NVT (Network Value to Transactions) is a metric that compares the network’s market capitalization to transaction volume. Its derivative, the NVT Golden Cross, tracks the ratio between the 10-day and 30-day moving averages of the NVT metric. This helps identify whether the market is near a top or bottom.
Historically, a value above 2.2 (overbought zone) corresponds to market peaks, while a value below –1.6 (oversold zone) points to local bottoms. The current reading does not indicate that the market is overheated, which analysts interpret as leaving room for further growth.
The Fear and Greed Index jumped from 69 to 73 in the past 24 hours. A month ago, the figure was at 38.
Possible Targets: Is $119,000 the Next Stop?
Given the current technical and on-chain data, analysts are considering the possibility of further BTC growth. A visual analysis of the chart suggests a potential next target near $119,000 if the upward trend continues.
According to Santiment, BTC’s rise to an ATH triggered a spike in positive commentary. This phenomenon increases the likelihood of a quick pullback. However, if greed subsides quickly, experts believe the price is more likely to move even higher.
Previously: Santiment Listed the Most Discussed Tokens as BTC Approached a New ATH
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
