On-Chain Data Flashes Bullish: Is Bitcoin Ready for a $110K Comeback?
Bitcoin has gained 1.6% in the last 24 hours, trading at $107,428, following a dip towards $100,000 due to market volatility and profit-taking. The cryptocurrency remains 4.2% below its all-time high of $111,000 but shows a weekly increase of 3.3%, indicating growing buyer confidence. On-chain metrics analyzed by CryptoQuant contributor Amr Taha suggest a bullish trend, with key indicators like the Binance Taker Buy/Sell Ratio rising to 1.1, signaling stronger buyer conviction. The Buy/Sell Pressure Delta is halfway to its historical peak, indicating room for further accumulation. The Long-Term Holder (LTH) Realized Cap has surpassed $56 billion, suggesting fewer coins are being sold, as many investors expect higher valuations. Additionally, over $550 million in stablecoins have flowed into Binance, indicating readiness for direct asset purchases. These factors collectively point to potential continued accumulation and institutional positioning in the Bitcoin market.
