Bitcoin Hits New All-Time High of $111,980 Amid Bullish Signals

Bitcoin (BTC) recently reached a new all-time high of $111,980. Despite trading in the mid-$100,000 range, on-chain data suggests continued bullish momentum.

Key Insights

Analyst Crypto Dan indicates that Bitcoin is likely to maintain its upward trend, supported by the Bitcoin Net Realized Profit/Loss (NRPL) chart.
The NRPL chart shows limited profit-taking during recent price increases, suggesting a continuation of the bullish trend.
Current profit realization is lower compared to past cycle peaks in March and November 2024.
Predictions indicate potential targets beyond $120,000 in the coming weeks.
Some analysts caution about a possible bull trap, with risks of BTC falling below $100,000.
On-chain indicators show that retail investor participation is limited, indicating potential for further capital inflows.
Binance inflow data reveals that certain investors are reluctant to sell, anticipating future gains.

As of now, BTC is trading at $105,659, reflecting a 2.5% decrease over the last 24 hours.