Bitcoin Holds Steady Near $118,700
Bitcoin is trading around $118,700, showing signs of moving toward $130,000. According to CoinMarketCap, Bitcoin’s price is $118,716 with over $69 billion in 24-hour trading volume. The total crypto market cap has risen 2.15% to $4.08 trillion in the same period.
CryptoQuant analyst AxelAdlerJr highlighted that Bitcoin remains within the short-term holders’ profitability range, known as the STH-MVRV corridor. He said the upper boundary of this range is near $130,000, where short-term holders tend to take profits.
Analysts Eye Higher Price Targets
Another analyst, Ali_charts, noted on X that after Bitcoin surpassed $117,000, the next target could be $139,000. CryptoQuant’s Crypto Dan added that long-term holders are stable. He said the market is slowly progressing within the bull cycle, with no signs of an imminent end. A strong upward move may be approaching.
On-Chain Data Supports Growth Potential
- Santiment data shows funding rates steady at 0.009%, indicating balanced long and short positions.
- Open interest has increased to $40.59 billion, suggesting more traders are entering without risky leverage.
- Bitcoin quickly recovered from September losses below $90,000, supported by large investors.
These factors suggest Bitcoin’s rise is backed by real demand and steady market support. A move toward $130,000 appears increasingly likely if current trends continue.
