Bitcoin (BTC) is once again at the center of the crypto spotlight after breaking above $97,000, recording its highest number of active blockchain addresses in six months. The rally follows weeks of sideways consolidation near $95,000 and has reignited speculation about a possible move toward the highly anticipated $100,000 milestone.
At the time of writing, Bitcoin is trading at $96,040, slightly below the $97,000 resistance zone. Market participants are watching closely to see if BTC can maintain bullish momentum or fall victim to a correction amid key technical resistance.
Bitcoin Blockchain Activity Reaches Six-Month Peak
According to on-chain data shared by crypto analyst Ali Martinez, 925,914 Bitcoin addresses were active in a single day—the highest figure recorded in six months. This surge in blockchain engagement marks a significant uptick in user activity and network demand.
The data, supported by Glassnode, shows a sharp upward trend in address activity that began in late April, aligning with Bitcoin’s recent reclaim of the $95,000 level. This alignment of price and on-chain fundamentals supports a bullish thesis for continued upward movement.
Technical Setup Mirrors April Rally Toward $100K
Crypto analyst TehThomas observed that the current BTCUSDT 4-hour chart reflects a near-identical pattern to Bitcoin’s breakout in mid-April. At that time, BTC broke out from a compression zone at $86,000, retested a fair value gap (FVG), and surged by nearly $10,000.
The current structure shows BTC compressing below $95,000, breaking resistance, and forming a fresh FVG between $94,200 and $95,000. According to TehThomas, holding this gap during a retest is key for a sustainable push to $100,000.
“If buyers defend this new FVG like they did earlier in April, Bitcoin has the structure needed to target $100K,” TehThomas shared on X.
However, a drop below $94,000 could invalidate the bullish thesis and reintroduce downward risk.
Bearish Fibonacci Levels May Trigger Reversal
Not all analysts are convinced about Bitcoin’s near-term bullish path. A counter-analysis on TradingView highlights a potential bearish setup on the 15-minute BTCUSDT chart.
The analyst argues that the latest move upward appears corrective, not impulsive, forming a short opportunity inside a bearish FVG resistance zone. This zone aligns with the Fibonacci golden pocket between $97,000 and $97,450.
“Bitcoin’s upward move has retraced into the 0.618–0.65 Fibonacci levels,” the analyst notes. “Failure to break above this range could trap bulls.”
If Bitcoin stalls within this supply zone, it could reverse sharply and test lower support levels again.
BTC at a Crossroads: $100K or Pullback Ahead?
With record-high network activity, strong technical structure, and growing institutional interest, bulls have the upper hand — for now. But with bearish resistance zones looming and price facing a critical test around $97K, traders are urged to stay cautious.
As April closes, Bitcoin’s price action remains volatile, and the next few trading sessions could define whether BTC makes a historic run to $100,000 or retreats below $94,000 to regroup.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
