Bitcoin Holds Above $100K for 40 Days Amid Rising Volume and ETF Optimism
Bitcoin price has stayed above $100,000 for over 40 days, underpinned by record network uptime and growing miner activity. On-chain data shows short-term holders sold around 15,000 BTC at a loss this week, dragging prices from $106,500 to $103,500, but long-term holders absorbed the supply, suggesting a stabilizing transfer. Trading volumes on major exchanges have climbed 25% month-on-month, while futures open interest hit all-time highs, driven by institutional buying and anticipation of spot Bitcoin ETF approvals. The network’s median transaction fee remains low, supporting robust on-chain usage. Traders are eyeing key support at $98,000 (with a critical zone between $94,000 and $97,000) and resistance near $105,000. With strong-hand accumulation buffering against deeper declines, renewed buyer demand could spark the next leg up.
Bullish
The combined data indicates a bullish outlook for Bitcoin. Sustained price above $100,000 alongside record network uptime and rising miner activity reflects strong fundamentals. The 15,000 BTC sold by short-term holders was quickly absorbed by long-term holders, mitigating downside risk. Increased exchange volumes and futures open interest, driven by institutional buying and ETF optimism, point to growing demand. Key support at $98,000–$97,000 and resistance near $105,000 create clear entry and exit levels. Overall, the accumulation by strong hands and robust on-chain metrics support further upside.