Bitcoin whales have purchased over 22,000 BTC in the past 72 hours, indicating bullish momentum in the market. This has sparked a wave of optimism among market participants.
Bullish Potential in Bitcoin Price
Bitcoin's price chart exhibits a classic cup and handle formation, often indicating an impending bullish trend. After finding robust support around $92,256, BTC broke above the critical resistance at $106,600.
Growth in Network Activity
Bitcoin’s network is experiencing a surge in activity, supporting the bullish outlook. Active addresses increased by 9.93% over the past week, with a 1.76% growth in new addresses.
Market Prospects and Risks
Technical indicators and rising network activity point to a possible breakout beyond $110,000. However, increased exchange activity and liquidation trends indicate some market hesitation.
If Bitcoin can maintain its bullish momentum and break above key resistance levels, a move beyond $110,000 seems likely in the near future.
