The Bitcoin market witnessed a significant milestone as the cryptocurrency successfully breached the $115,000 resistance level, with its current price hovering around $116,377.
Despite this bullish price action targeting the $118,000 mark, on-chain data presents a mixed picture, prompting calls for investor caution regarding sustained upward momentum.
A notable development supporting the price surge is the substantial opportunistic accumulation observed. Data indicates that over 120,000 BTC were acquired within the $112,000 to $114,000 range prior to the recent breakout.
However, underlying activity metrics deliver conflicting signals. On-chain activity levels have shown inconsistency, with recent figures dipping to 131,000 and 219,000 daily active addresses, raising sustainability concerns.
A potentially positive sign emerged as a significant positive Spot Netflow of $33.25 million was recorded, breaking a persistent months-long pattern of outflows. Analysts warn, however, that not all capital inflows necessarily translate into immediate bullish pressure.
For Bitcoin to consolidate gains and successfully advance towards the $118,000 target and beyond, market participants emphasize the necessity of the price holding firmly above the $115,000 threshold alongside sustained and stronger user participation.