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Bitcoin Surges Past $103.8K as New Wallets and MACD Back Bullish Trend
By: cryptofrontnews|2025/05/10 12:45:05
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Bitcoin exceeds $103,800 as over 344,000 new wallets indicate rising demand and heightened market engagement.On-chain data shows 100% of UTXO age bands are in profit, signaling deep investor confidence across all holding durations.MACD, Bollinger Bands, and Realized Cap align to confirm bullish continuation with potential targets set near $108,000.Bitcoin moved beyond the $103,800 mark, recording its highest value since January. The surge follows weeks of price consolidation and comes alongside a sharp increase in blockchain activity. Over 344,000 new Bitcoin wallets have been created, pointing to renewed retail and institutional interest.On-chain analysis reveals that all unspent transaction outputs across various age bands are currently in profit. This is an uncommon occurrence that reflects strong holder confidence. According to Carmelo Alemán via CryptoQuant, the Realized Cap continues to trend upward, supported by long-term holders, ETFs, and whales steadily accumulating Bitcoin.MACD signals continued upward momentumTechnical indicators also support the current bullish movement. The MACD line is still well above the signal line, and the positive histogram is expanding. This validates an increasing momentum and a tendency toward continuation of the current trend.Bitcoin has breached the upper Bollinger Band at $102,701, which indicates higher short-term volatility. In as much as the price is hovering around $102,626, the analysts are closely monitoring the potential breakout or consolidation around this zone. The next projected resistance sits near $108,000, which aligns with historical bullish breakout levels.Key support zones are identified below the breakout levelIf price action reverses, technical levels suggest the 20-day simple moving average around $94,938 may act as the first key support. A further decline could lead the price toward the lower Bollinger Band near $87,175, marking the next crucial level for buyers to defend.Data from Santiment highlights a parallel rise in on-chain engagement, which often precedes upward trends in price. Wallet creation numbers indicate possible FOMO-driven participation, supported by strong macro signals and accumulation trends among large holders.The post Bitcoin Surges Past $103.8K as New Wallets and MACD Back Bullish Trend appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
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