Bitcoin Shatters Records with Historic Daily and Weekly Closes — Is the Floodgates Moment Here?

Bitcoin just flexed its muscles with back-to-back record closes, leaving traders scrambling to interpret the tea leaves. The crypto king’s latest performance has bulls whispering about an impending explosion—while skeptics mutter ’told you so’ into their overpriced lattes.

When the charts scream ’breakout,’ Wall Street suddenly remembers it left the oven on. Meanwhile, the rest of us are left wondering: is this finally the big one, or just another fakeout for the history books?

Source: Glassnode

The Spot Cumulative Volume Delta (CVD) for Coinbase and Binance indicated growing bullish momentum since mid-April.

Coinbase recorded a peak of $45 million in daily volume when BTC was NEAR $80K. Meanwhile, Binance, which experienced heavy net selling in April, saw this selling pressure ease significantly, becoming only a mild net seller.

Overall, exchange activity suggests that accumulation near local lows played a key role in fueling Bitcoin’s explosive rally toward $108K.

The accumulation was also on-chain, but traders should be wary

Source: Glassnode

BTC’s Cost Basis Distribution Heatmap above shows the supply acquired by addresses at specific price levels. The $85k region saw a notable amount of supply acquired. The accumulation was even more intense in the $93k-$95k area.

Hence, this area was expected to be a strong support zone. bitcoin was unlikely to fall lower due to the amount of buying in that area. On-chain evidence of accumulation backed up evidence of buyer strength from the spot CVD on exchanges.

Source: Glassnode

At press time, the Realized Price for Bitcoin short-term holders (holding for less than 155 days) stood at $94.2K.

This aligns with the supply clusters visible on the Cost Basis Distribution Heatmap, reinforcing the strength of the $93K–$95K region as a key support zone in the event of a pullback.

Source: Coinglass

The 2-week liquidation heatmap showed a cluster of liquidation levels at the $106.6k region. This liquidity was swept, and was followed by a swift reversal. The next magnetic zone of note was at $98.4k-$101k.

Since the price is attracted to liquidity, Bitcoin is likely to drop further in the short-term.

However, as the other pieces of evidence showed, bullish belief remained firm in the market. The highest daily and weekly closes on record also reflected bullish intent.