Bitcoin Breaks $120K as On-Chain Data Signals Accumulation
Bitcoin recently cleared the $120K threshold for the first time since August. On-chain metrics show easing selling pressure. Glassnode data reveals the short-term holder RVT ratio contracting, indicating reduced speculative excess. The three-day net position change for long-term holders has moved into neutral territory, suggesting profit-taking is cooling. CryptoQuant’s short-term SOPR rebounded to 0.995 from 0.992, signaling that weak hands are absorbing losses. Analysts expect a structural base to form between $115K and $120K. Institutional inflows and impending ETF launches could fuel further momentum. Traders should monitor these on-chain signals to gauge accumulation and the path to the next bullish leg.
Bullish
On-chain data shows reduced speculative activity and cooling profit-taking by both short-term and long-term holders, creating a supply cooldown. The rebound in SOPR indicates a healthy market reset as weak hands absorb losses. With a structural base expected between $115K and $120K, and added momentum from institutional inflows and upcoming ETFs, conditions are favorable for further price gains. In the short term, renewed accumulation above $120K could drive a fresh rally. Over the longer term, sustained demand from institutions and ETF capital should support a decisive bullish breakout.