Bitcoin network activity spikes to a 6-month high; is $100,000 next?

By: bitcoin ethereum news|2025/05/04 19:15:01
0
Share
copy
Bitcoin’s (BTC) network activity has reached a six-month high, a trend likely to support the asset’s ongoing push toward a six-figure valuation. Specifically, Bitcoin recorded 925,914 unique active addresses within 24 hours as of May 3, according to on-chain data shared by cryptocurrency analytics platform Glassnode. Notably, the surging activity reflects heightened investor engagement and speculation that Bitcoin may be gearing up for a significant price move as it consolidates around the $95,000 level. The price has steadily climbed from mid-April lows, closely tracking the rise in network participation. Historically, spikes in active address counts have often been early indicators of strong market moves, signaling increased user demand and transaction volume across the blockchain. Bitcoin key price levels to watch Bitcoin is currently consolidating in a narrow range just below a key resistance level. According to cryptocurrency analyst Ali Martinez, who shared insights in a May 3 post on X, the critical resistance to watch is $98,290. A breakout above this level could pave the way for a move toward the highly anticipated $100,000 milestone. On the flip side, $96,160 serves as a crucial support level. With the price oscillating between these two markers, Bitcoin is trading within a tight band that appears poised for a decisive breakout in either direction. Regarding Bitcoin reclaiming the $100,000 spot, a Finbold report indicated that several artificial intelligence (AI) models believe the milestone might be achieved by the end of May. This possibility is also backed by technical insight from TradingShot , who noted that Bitcoin is erasing traces of the recent “Tariffs correction” that shook markets. If this erasing is complete, the analyst stated that Bitcoin would be open to claiming the $106,000 target. Bitcoin price analysis At press time, Bitcoin was trading at $95,470, down about 0.8% over the past 24 hours, while gaining nearly 2% over the past week. Market sentiment remains bullish, with Bitcoin registering a “greed” score of 65. Technically, the asset is trading above the 50-day ($86,939) and 200-day ($86,139) simple moving averages (SMA), confirming an ongoing uptrend. However, traders should remain cautious of a potential short-term pullback. Bitcoin’s relative strength index (RSI) stands at 66.42, indicating slightly overbought conditions. Featured image via Shutterstock Source: https://finbold.com/bitcoin-network-activity-spikes-to-a-6-month-high-is-100000-next/

You may also like

Stop Talking About Gold, Bitcoin Is Not a Safe Haven Asset

One cannot rely on macro narratives like "Gold Rotation" to determine whether Bitcoin has bottomed. True bottom signals will only appear during position unwinding and extreme pessimistic sentiment.

Aave Founder: What Is the Secret of the DeFi Lending Market?

When on-chain lending becomes significantly cheaper to operate end-to-end compared to traditional lending, mass adoption becomes not a question of if, but of when.

The Trader's Playbook: 7 Market Cycle Lessons From LALIGA’s 90 Minutes

What do LALIGA matches teach about crypto markets? Learn how consolidation, breakouts, and late-cycle volatility shape disciplined trading decisions.

How Smart Money Tracker Survived Live AI Trading at WEEX AI Hackathon

Discover how WEEX AI Trading Hackathon tested strategies with real capital—no simulations. See how Smart Money Tracker survived flash crashes and leveraged 18x in live markets.

80% Win Rate to 40% Drawdown: An AI Trader's Brutal Recalibration at WEEX AI Wars

Dive into the technical blueprint of an AI trading system built on LLaMA reasoning and multi-agent execution. See how Quantum Quaser uses confidence thresholds & volatility filters at WEEX AI Wars, and learn the key to unlocking 95% win rate trades.

AI Trading Strategy Explained: How a Beginner Tiana Reached the WEEX AI Trading Hackathon Finals

Can AI trading really outperform human emotion? In this exclusive WEEX Hackathon finalist interview, discover how behavioral signal strategies, SOL trend setups, and disciplined AI execution secured a spot in the finals.

Popular coins

Latest Crypto News

Read more