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Bitcoin's (CRYPTO: BTC) rally to $116,000 has returned millions of coins to profit and reignited optimism for a potential new all-time high.
What Happened: According to CryptoQuant, Bitcoin's breakout above the $112,000–$113,000 resistance reclaimed three key on-chain cost bases: those of 0–1 week, 0–1 month, and under 6-month holders.
This move pushed nearly 7 million BTC back into profit, including 5.1 million BTC held by mid-term investors and 1.8 million BTC by newer entrants. The shift highlights renewed confidence among recent buyers.
Analysts say holding above these realized price levels is critical, as it signals market conviction and could set up the next leg higher. Falling back below would suggest fragile sentiment.
Also Read: Peter Schiff Dismisses BTC Rally To $115,000: ‘How Is Bitcoin Digital Gold?’
Why It Matters: Market analyst Kevin noted on Patreon that Bitcoin has reclaimed its weekly bull market support band following weeks of fear and altcoin sell-offs.
Historically, holding above this band for 1–2 weeks has led to new all-time highs.
He added that with a bullish double bottom forming on the weekly stochastic RSI and several key macro events ahead: Big Tech earnings, the FOMC meeting and the Trump–Xi trade summit.
A newly opened CME gap near $110,900 may still get filled, but a strong macro week could help Bitcoin maintain support and potentially break higher.
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Image: Shutterstock
Posted In: $BTC
