Bitcoin On-Chain Data Signals Strong Bullish Momentum Ahead → Insights

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Briefing

Bitcoin’s on-chain data reveals a strong undercurrent of bullish momentum, even as its price consolidates around a key resistance level. The number of active Bitcoin wallets has reached a new year-to-date high, signifying robust network adoption and sustained investor interest. This fundamental strength, combined with 93.6% of the circulating supply currently being in profit, historically precedes significant price rallies, indicating Bitcoin is preparing for its next upward movement.

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Context

Many in the market are wondering if Bitcoin’s recent price stability signifies a pause before a deeper correction, or if it is merely a consolidation phase before a new leg up. Investors are asking whether the current market conditions support continued growth or if the rally is losing steam. This data helps clarify the underlying health and directional bias of Bitcoin’s market.

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Analysis

The core of this insight comes from two key on-chain indicators → the number of Bitcoin wallet addresses with a non-zero balance and the percentage of Bitcoin’s circulating supply in profit. A “non-zero balance wallet” simply measures how many unique addresses hold any amount of Bitcoin, reflecting active participation. When this number increases, as it has to a year-to-date high of 54.37 million, it shows more individuals and institutions are engaging with the network. This expanding user base provides a strong foundation for future demand.

Additionally, the “circulating supply in profit” metric tracks the percentage of all Bitcoin that could be sold for a profit relative to when it was last moved. A high percentage, currently 93.6%, means nearly all Bitcoin holders are sitting on gains. This figure significantly surpasses the long-term average of 75%. Historically, such elevated profitability levels have often preceded strong bullish phases, as it reflects high market optimism and sustained momentum, rather than an immediate signal for widespread profit-taking.

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Parameters

Non-Zero Balance Wallets → 54.37 million Bitcoin addresses, a year-to-date high.
Circulating Supply in Profit → 93.6% of total Bitcoin supply.
Historical Average Supply in Profit → 75%.
Current Bitcoin Price Resistance → $115,892.
Potential Price Target → $122,000.

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Outlook

This on-chain data suggests that Bitcoin’s market structure is robust and poised for continued appreciation in the near term. The increasing adoption and widespread profitability indicate a healthy, confident market. A key signal to watch for confirmation is Bitcoin’s ability to decisively break and hold above the $115,892 resistance level.

If this occurs, it could trigger a rally towards $119,367 and potentially extend to $122,190. Conversely, a failure to break this resistance, combined with a drop below $111,961, could signal renewed selling pressure.

On-chain indicators confirm Bitcoin’s market is fundamentally strong, setting the stage for further price appreciation.

Signal Acquired from → pintu.co.id