Recently, Bitcoin has displayed strong market positions, backed by increasing investor confidence and growth of key metrics.
Bitcoin and UTXO Profitability
All age groups of Bitcoin's UTXO are currently in unrealized profit, a rare phase for the on-chain environment. This shift occurred when Bitcoin crossed the $98,138 mark, reflecting a rising confidence among investors and market strength. As of now, Bitcoin trades at $102,942, up 3.32% in the last 24 hours.
Large Holder Behavior and Network Activity
The behavior of large holders has changed significantly, with the 7-day Exchange Netflow Ratio increasing by 69%. This suggests that whales are either preparing to sell or reposition near a critical resistance level. Transaction growth has been broad, indicating rising confidence and liquidity throughout the market, as both retail and institutional participants are becoming more active.
Valuation Metrics and Potential Breakout
Bitcoin's Stock-to-Flow Ratio jumped 75% post-halving, indicating increased scarcity. Meanwhile, the NVM ratio climbed 19.01%, showing that price growth is supported by expanding network utility. Bitcoin has formed a clear cup-and-handle pattern with its neckline resistance around the $108K mark, and a breakout above this level could lead to a surge toward $120K.
The current Bitcoin rally features structure, volume, and on-chain support. If buyers maintain control, it may enter a new price discovery phase with potential paths toward new all-time highs.
