Bitcoin Network Activity Hits 6-Month High – Is Demand Back?

Bitcoin is trading just below the psychological $100K mark, facing a critical test as bulls attempt to sustain the recovery rally. After weeks of strong upside momentum, the market has now entered a decisive phase, where a breakout above $100K could trigger a wave of renewed buying interest and potentially mark the start of a new all-time high run. However, failure to reclaim this level may signal exhaustion, leading to another consolidation or even correction phase.

Analysts remain divided on what’s next for Bitcoin. Some point to improving technical structure and strong demand zones as signs of a bullish continuation. Others argue that macroeconomic uncertainty, including persistent global tensions and shifting monetary policy, could cap further upside in the near term.

On-chain data offers additional insight. According to Glassnode, 925,914 Bitcoin addresses were active in the past 24 hours. This uptick in engagement reflects rising interest and potential accumulation as the market anticipates its next move.

Bitcoin Momentum Builds As Network Activity Spikes

Bitcoin is positioning itself for what could be the start of a massive rally. After reclaiming the $90K level with strong momentum, bulls have managed to push price action near the key psychological resistance of $100K. Analysts are increasingly confident that a clean breakout above this level could ignite a sustained market-wide uptrend. The current technical setup suggests that Bitcoin is attempting to break free from the consolidation zone formed after the last all-time high, signaling a potential continuation of the broader bull cycle.

Following months of heavy selling pressure and uncertainty, Bitcoin has shown remarkable resilience. Since bottoming out earlier in April, the price has surged over 15%, regaining investor confidence and bringing back bullish sentiment. The push above $90K marked a key shift in structure, and the market has since been watching for confirmation of a full reversal.

Adding to the bullish case, on-chain metrics show surging network activity. Top analyst Ali Martinez highlighted that 925,914 Bitcoin addresses were active in the past 24 hours, the highest figure in the last six months. This uptick signals a strong increase in user participation, often associated with the early phases of a new bullish leg. If this activity persists and price breaks above resistance, Bitcoin could be set for a move into uncharted territory.

However, risks still loom. Global trade tensions, monetary policy shifts, and geopolitical uncertainty continue to cloud the broader financial landscape. Any sharp shift in macro conditions could derail this momentum.

Technical Details: Eyes On $100K Level

The 4-hour chart for Bitcoin shows a steady uptrend, with BTC currently trading at $95,933 after briefly reaching highs near $97K. The price structure remains bullish above both the 200-period SMA ($87,335) and EMA ($89,812), which are now sloping upward, reinforcing the strength of the ongoing rally. This suggests that Bitcoin is maintaining healthy momentum after breaking out of its multi-week range below $90K in mid-April.

Volume has slightly tapered off in recent sessions, which could indicate temporary exhaustion or a pause before the next major move. Bulls are in control as long as price holds above the $93K-$94K region, which has now flipped into support after being a resistance zone during the prior consolidation phase.

The next major resistance is psychological and structural: $100K. A clean breakout above this mark could trigger a surge toward the $103,600 level, as marked on the chart. If bulls fail to push through soon, a short-term pullback toward the $92K region would not invalidate the bullish trend but would signal the need for more accumulation.

Featured image from Dall-E, chart from TradingView