Bitcoin don hit $118K; On-Chain, MVRV metrics dey signal say e dey go $131K
Bitcoin don jump pass im old highest wey na $112,000 reach $118,000, as strong on-chain analysis and derivatives data dey support am. Exchange reserves dey fall, SOPR low, plus $1.14 billion for BTC short liquidations show sey market dey strong. OKX USDT Simple Earn rate climb to 53%, like as e dey happen before big rallies. Derivatives open interest rise 5.7% to $41.2 billion, Glassnode record $4.4 billion increase for realised cap pass $113,000, confirm fresh money enter. MVRV oscillator dey 2.25—below the 3.0 overbought level—and e dey signal first big profit-taking around $130,900. Technical charts show breakout pass $103,600 and $109,300 with volume up and bullish moving averages. As Bitcoin dey find new price, traders dey eye $120,000 psychological support and $131,000 resistance, but higher US Treasury yields and macro risk need make dem cautious.
Bullish
Di on-chain and derivatives metrics we dey rise dey show strong buying pressure plus fresh capital wey dey flow in, while technical breakouts wey pass key resistances dey confirm say momentum na bullish. Di MVRV oscillator wey still dey below overbought levels mean say e get room to go higher reach $131,000. Short-term sentiment dey optimistic as traders dey target $120,000 and beyond, while long-term holders still dey accumulate. But as US Treasury yields dey rise and macroeconomic issues still dey, e fit cause wahala, so people suppose handle their position sizes carefully.