Bitcoin Stages Comeback—On-Chain Data Hints at $100K Surge

BTC bulls are back in the saddle as key metrics flash green. Liquidity pools swell, whale wallets awaken, and that stubborn resistance at $70K? Poised to crack like a Wall Street analyst’s composure during a flash crash.

Here’s what’s fueling the rally:

- Exchange reserves hit 3-year lows (no coins left to sell)

- Tether’s printer goes brrr—$2B fresh USDT this month alone

- Miner capitulation over? Hash rate recovers post-halving

One hedge fund manager muttered ’irrational exuberance’ before quietly increasing their position. The road to six figures looks clearer than a banker’s conscience after 2008—strap in.

Is supply-side pressure easing across exchanges?

Bitcoin’s Exchange Reserve declined to $238.31 billion, reflecting a 0.67% drop. This decrease suggests that investors are increasingly moving BTC off exchanges, typically a bullish signal tied to reduced sell-side pressure. 

Moreover, netflow stood at -4.33K BTC, reflecting a +2.45% shift toward outflows. Therefore, this shift in reserve and netflow structure highlights growing accumulation behavior. 

The current supply dynamics signal that fewer coins are available for immediate sale, providing a favorable backdrop for price stability and potential upside.

Source: CryptoQuant

Are Bitcoin users returning to the network in large numbers?

Network engagement is on the rise, with Daily Active Bitcoin Addresses spiking to 924.55K, among the highest levels this year. 

This uptick reflects increased blockchain activity and broader interest in Bitcoin transactions. Therefore, the heightened address count signals strong organic network usage rather than purely speculative volume.

Historically, higher Active Address counts have accompanied sustained bullish phases, lending further support to the current recovery narrative.

If this trend continues, it could reinforce BTC’s momentum and validate the on-chain strength behind its rebound.

Source: Santiment

Is profitability returning without signaling overvaluation?

Profitability is back, but not at worrying levels.

The MVRV Z-score climbed to 2.42, marking a significant recovery from its March lows.

While this level suggests that holders are becoming more profitable, it remains below the danger zone historically associated with major tops. 

Therefore, Bitcoin appears to be in a phase where profit-taking pressure is minimal, but bullish conviction is building.

This metric indicates a balanced market state, where prices can rise without triggering aggressive selling from overextended holders. 

Source: Santiment

Will Bitcoin break above the $96.5K barrier?

BTC is currently testing resistance NEAR $96.5K, aligned with the 0.236 Fibonacci retracement zone. Price structure suggests bullish momentum is intact, with a clear uptrend from the March lows. 

The RSI read 68.30—near overbought, but not yet overheated. If BTC flips the $96.5K–$97K range into support, a breakout toward previous highs may follow.

However, failure to sustain above this level might result in short-term consolidation before the next major move.

Source: CoinGlass

Given the healthy rise in Open Interest, easing Exchange Reserves, and growing network activity, Bitcoin’s current rally appears fundamentally supported. 

The MVRV ratio confirms that the market is not yet overvalued, while technical indicators point to a potential breakout.

Therefore, Bitcoin looks well-positioned to sustain its momentum if it successfully breaches the $97K resistance zone in the coming days.