Bitcoin Rebounds to $109,700 as Investors Display Strong Holding Behavior
Bitcoin Price Movement
- Bitcoin has rebounded to approximately $109,700 after testing support near $105,000.
- Investors are exhibiting strong holding behavior rather than taking profits, as indicated by declining Liveliness metrics from Glassnode.
- Long-term holders control a record 14.7 million BTC, indicating high conviction among seasoned investors.
ETFs Impacting Demand
- Despite Bitcoin's price above $109,000, active on-chain addresses remain around 850,000, similar to levels seen when Bitcoin was at $16,000 in 2022.
- Spot Bitcoin ETFs, such as BlackRock’s, are driving inflows without significant on-chain activity; they process only 24 transactions weekly while managing over 6,400 BTC.
Price Outlook
- Bitcoin is positioned along the upper Bollinger Band, with a potential breakout above $110,000 suggesting further upside towards $120,000.
- The RSI indicates room for growth before entering overbought territory.
- If Bitcoin fails to maintain support between $108,000 and $105,000, it may decline toward $101,500.
BTCBULL Presale Details
- The Bitcoin Bull project, aiming to leverage Bitcoin's momentum, is gaining attention with a milestone-driven presale structure tied to Bitcoin’s price increments.
- Current presale price is $0.002585, having raised $7.9 million toward its $8.8 million goal.
- BTCBULL token incentives include deflationary burns and direct Bitcoin airdrops based on Bitcoin price increases.