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

By: bitcoin ethereum news|2025/05/04 11:15:01
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/

-- Price

--

You may also like

Stablecoins are the "royalists" of the crypto world: Open USD brings the old currency system into play

The emergence of Open USD has shifted the competition for stablecoins from the market struggle of crypto startups to a battle for infrastructure involving traditional finance, payment networks, technology platforms, and public chain ecosystems.

Semiconductor stocks plummet, yet Anthropic wants to create a 2nm chip

Abandoning TSMC and teaming up with Samsung. Anthropic launches a self-developed 2nm chip program, challenging Nvidia and starting a battle to break through computing power costs.

Where is Zhao Changpeng's billion-dollar investment going? YZi Labs' investment landscape fully revealed

Zhao Changpeng's billion-dollar new "family office" YZi Labs investment landscape revealed: 70% of the funds are committed to the crypto ecosystem, while 30% are cross-industry bets on AI and biotechnology, launching a new capital experiment in the post-Binance era.

Ethereum Foundation Report: A Basic Guide to Ethereum for Governments and Financial Institutions

The Ethereum Foundation has released this non-technical introductory report aimed at government officials, central banks, regulators, and corporate decision-makers, explaining how Ethereum works, how it is governed, how it differs from other blockchains, and how institutions and governments are alre...

A pre-announced harvesting case: After the cryptocurrency price dropped by 99%, the public chain Saga exited to transform into AI

True failure often isn't a single price drop, but rather a pricing mechanism that repeatedly rewards those who tell stories while repeatedly punishing those who believe in the stories.

When American giants collectively "defect" from Chinese AI models

Coinbase CEO publicly stated: the company has fully switched its AI to a Chinese model, cutting expenses in half while usage has doubled. Snowflake and Lindy are also doing the same thing—an unnoticed "AI model migration wave" is happening.

Contents

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com