Bitcoin (BTC) has pushed decisively its first $103,800 threshold since January, bringing a decisive end to the weeks of sideway integration.
This upward drive is reflected by a noticeable increase in network engagement. Blockchain analytics company Santiment is being created beyond more than 344,620 new Bitcoin wallets, a clear indication of growing interest that could be driven by FOMO.
In Bitcoin’s network, 344,620 new wallets have been created on the network to allow FOMO to be poured into it. Crypto’s top mark cap asset silenced the bear, reaching its first high of 103.8K since January. pic.twitter.com/hai245lqjz
– santiment (@santimentfeed) May 9, 2025
Bitcoin on-chain health signal shows robust investors’ trust
By analyzing the UTXO age band, it is a method of classifying unused transaction output over non-rest periods. Analysts have confirmed rare milestones.
Related: Bitcoin will clear $100,000 with strategy to launch the 2025 BTC adoption model
Carmelo Alemán spoke about the development in a post on Cryptoquant’s Quicktake platform, adding that the realized cap has been steadily climbing as long-term holders, ETFs and whales have been accumulating for several weeks recently.
BTC Technical strengthens breakout and target $108K
Daily Technology Chart confirms Bitcoin’s powerful breakout. The price is in violation of the top Bollinger band, which is listed as $102,701. According to CoinmarketCap data, BTC is currently trading firmly in the breakout area at nearly $102,626.
Such moves usually show increased volatility and solid bullish drives, but traders are monitoring potential short-term over-acquisition signals.
Source: TradingView
If the breakout is held and volatility maintains upward pressure, the next bullish target is around $108,000, which coincides with the kind of euphoric momentum seen in previous parabolic movements.
However, once Price is pulled back, the $94,938 midline (20-day SMA) serves as the first key support, followed by a $87,175 low band with a more extended fix.
Related: As the banana zone phase approaches, Bitcoin’s advantage gives signals to the top
Meanwhile, MACD (divergence of moving average convergence) further supports bullish cases. The MACD line is significantly above the signal line, with a wide range of positive histograms suggesting intense momentum.
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