Thomas Daniels
Bitcoin’s recent ascent to an all-time high of $111,272 reflects a persistent bullish sentiment, reinforced by on-chain analytics and market dynamics. Current data highlights a dominant presence of buyers on exchanges, suggesting the potential for continued upward movement in BTC price.
According to a 90-day Cumulative Volume Delta (CVD) analysis by CryptoQuant, buy-side activity has notably surpassed sell-side actions, indicating strong investor confidence. This buyer dominance, emerging despite a 50% price rally over the past two months, marks a critical shift from earlier in the year when sell pressure prevailed.
Contributing to this outlook, the short-term holder (STH) average cost basis—a key level around $100,000—has been reclaimed. Historically, maintaining price levels above the STH cost basis has signaled robust market support, acting as a buy-the-dip indicator during bull phases.
Further bolstering the bullish narrative, data from on-chain sources show that a significant portion of Bitcoin supply, currently around 87.3%, is in profit. This figure has risen from 82.7% during the last price peak near these levels, indicating reduced incentive for profit-taking and increased likelihood of continued holding.
Additionally, long-term Bitcoin holders have largely refrained from liquidating positions, demonstrating confidence in further price appreciation. Profit-taking volumes are reportedly half of what they were during the previous milestone at $100,000 in late 2024, emphasizing a shift towards accumulation over distribution.
The convergence of these factors—persistent buyer activity, the reclaimed STH cost basis, and an elevated share of profitable holdings—suggests that Bitcoin’s rally may not yet be exhausted. These metrics collectively support the thesis of an impending second wave of gains in the ongoing bull market.
