Bitcoin Holder Count Hits Record High Amid Profit-Taking and Bullish Price Targets Near $120K

Bitcoin (BTC) has reached a historic all-time high in holder numbers, climbing to 55.39 million addresses, signaling robust adoption and growing market participation. This surge in holders coincides with a major price rally, where BTC peaked near $112,000 and has maintained levels above $107,000, marking a 53% year-on-year increase. While analysts project bullish price targets between $113,000 and $119,000 if BTC can decisively break the $105,700 resistance, on-chain data reveals a significant phase of profit-taking, especially from long-term holders who have begun distributing coins after holding for over a year. Daily realized profits spiked to $1.47 billion—the largest of the current cycle—suggesting mature capital rotation and a potential topping process. The Relative Strength Index (RSI) is nearing 70, indicating possible overbought conditions and raising short-term correction risks. Key support sits at $103,700 and $95,600, while resistance remains near $114,800. Other leading cryptocurrencies, including Ethereum (ETH) and Dogecoin (DOGE), are also experiencing increased investor participation, confirming a trend toward broader crypto adoption. Traders should remain vigilant: while rising holder counts and bullish sentiment suggest positive long-term momentum, heightened profit-taking and technical indicators warrant caution for near-term volatility.