Bitcoin broke above $107,000 on Monday in a notable respite and kept climbing to $110,500 on Tuesday morning, following last week’s turbulence sparked by the Trump-Musk fallout.
The latest on-chain data now suggests that the crypto asset may be preparing for its next upward move, as several key indicators reflect growing bullish sentiment.
Bitcoin Demand Strengthens
According to CryptoQuant’s latest update, one of the primary signals comes from Binance’s Taker Buy/Sell Ratio, a metric that measures the volume of market buy orders relative to market sell orders.
The metric has recently surged to 1.1, which means that traders on Binance are showing significantly more buying aggression than selling. Historically, values above 1 tend to reflect a shift toward increased demand and bullish market behavior.
Another supportive indicator is the 90-day Buy/Sell Pressure Delta, which is climbing toward previous historical peaks of around 0.02.
This delta represents the net accumulation behavior across the market. Although the current level is not yet excessive, it suggests sustained accumulation without signs of overheating. This environment could be conducive to gradual price expansion.
Re-Accumulation Phase
Bitcoin’s price has broken above the UTXO (Unspent Transaction Output) 1-day to 1-week band. This band tracks coins moved within the last week, and its breakout indicates that newer coins are now in profit and are being held rather than sold off. Such breakouts have previously preceded transitions from distribution to re-accumulation phases, and often indicated that a newer cohort of investors is entering the market with strong holding conviction.
Further validating this narrative is the rise in the Realized Cap held by long-term holders (LTH), which has now surpassed $56 billion. This suggests that coins are increasingly moving into wallets that have historically held assets for over 155 days, which reflects a general lack of intent to sell. These wallets tend to represent “smart money” that accumulates rather than exits during bullish phases.
Considering all these factors together, the data reflects a market that is neither in euphoria nor fear, but showing clear signs of strengthening fundamentals and increasing investor confidence, which could point to the possibility of Bitcoin’s next leg higher, despite June jitters.
