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Bitcoin maintains a robust position above $111,000, exhibiting no immediate chart resistance and signaling the potential onset of a new bull market.
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Trading volume has surged by over 35%, reinforcing the strength of Bitcoin’s price stability above critical support levels and moving averages.
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According to COINOTAG, all Bitcoin holders are currently in profit, with rising open interest and options volume underscoring sustained bullish momentum.
Bitcoin holds steady above $111K with rising volume and no resistance, signaling strong bullish momentum and potential for a new bull market.
Bitcoin Price Holds Above $111K Amid Rising Volume and Market Confidence
Bitcoin’s price action remains resilient, trading consistently above the $111,000 mark after briefly reaching $112,000 earlier in the session. This stability is supported by a 35.51% increase in trading volume, which surged to nearly $60 billion, reflecting heightened market participation. The asset’s market capitalization stands at $2.19 trillion, with a fully diluted valuation of $2.33 trillion, underscoring Bitcoin’s dominant position in the crypto ecosystem. The volume-to-market cap ratio of 2.7% further highlights active trading conditions, suggesting strong investor confidence and liquidity.
Technical Indicators Signal No Immediate Resistance, Paving Way for Bull Market
Technical analysis reveals Bitcoin faces no significant resistance levels on the chart, a rare occurrence that often precedes strong upward momentum. Market analyst CW8900 emphasized this point, noting that Bitcoin is “in a good stance to start a bull market” and that the current week is critical for confirming this trend. The price remains comfortably above key moving averages, reinforcing the likelihood of sustained bullish momentum. Should Bitcoin surpass the next resistance level, it could validate the beginning of a prolonged bullish cycle, attracting further institutional and retail interest.
On-Chain Metrics and Derivatives Data Confirm Strong Bullish Structure
On-chain analytics from IntoTheBlock reveal that 100% of Bitcoin holders are currently in profit, a significant indicator of market strength. Additionally, 76% of addresses have held their Bitcoin for over a year, reflecting strong holder conviction and reduced selling pressure. The circulating supply is approaching the maximum cap of 21 million coins, with 19.89 million actively in circulation, emphasizing Bitcoin’s scarcity and value proposition.
Derivatives Market Activity Supports Uptrend with Increased Open Interest and Options Volume
Data from Coinglass highlights a notable increase in derivatives market activity, with $211.46 million in short liquidations over the past 24 hours and open interest climbing to $78.75 billion. Options trading volume surged by 69.50% to $5.06 billion, with long positions slightly outnumbering shorts, indicating trader optimism. This heightened derivatives activity aligns with the broader bullish sentiment, suggesting that market participants are positioning for further price appreciation.
Conclusion
Bitcoin’s sustained trading above $111,000, combined with rising volume and supportive on-chain and derivatives metrics, points to a strong bullish momentum. The absence of chart resistance and the high percentage of profitable holders reinforce the potential for a new bull market phase. Investors and traders should monitor key price levels this week, as surpassing these could confirm a sustained upward trend, attracting further market participation and solidifying Bitcoin’s leadership in the crypto space.
