Bitcoin Transaction Volume Surges to $5 Billion: Bullish Signal for Breakout Above $100,000

According to recent data from Glassnode, Bitcoin’s on-chain transaction volume has experienced a significant uptick, with the 7-day moving average (SMA) obtaining a local high of approximately $5 billion. This surge, noted on May 14th, indicates a resurgence of bullish sentiment among investors. Remarkably, such a positive net buying trend has been rare this year, making the current market activity noteworthy. This phenomenon showcases increasing confidence among market participants, further reinforcing the notion that the recent price movements, including the breakthrough beyond $100,000, are supported by authentic demand within the spot market. Investors should remain vigilant, as these trends suggest a strengthening market dynamic that may influence future Bitcoin valuations.