Bitcoin (BTC) continues to display strong bullish momentum as buyer dominance on exchanges remains at all-time highs amidst the price surpassing $110,000. According to analysis by CryptoQuant, the 90-day cumulative volume delta (CVD) reflects a significant shift towards buy orders dominating sell orders, suggesting that an uptrend "may continue." Despite the market experiencing a 50% surge in under two months, buyers have not diminished and have become increasingly aggressive.
Glassnode's data further illustrates this optimistic sentiment, highlighting that hodlers have refrained from selling at current price levels. Daily profit-taking is notably reduced compared to when Bitcoin first touched $100,000 in 2024, with older coins showing stronger holding behavior than in previous cycles. The short-term holder (STH) average cost basis lies just below $100,000, a crucial level historically seen as a "buy-the-dip" indicator during bullish markets.
Adding to this bullish atmosphere, Glassnode reports that Bitcoin has entered its strongest accumulation phase since January 2025. Their Accumulation Trend Score has peaked at 1.0, indicating broad-based buying intensity across all wallet sizes, led initially by whales holding over 10,000 BTC, followed by smaller holders increasing their accumulation.
Supporting the demand surge, options market data reveals significant bullish positioning with $620 million notional value concentrated at the $300,000 strike for June expiry and another $420 million around the $200,000 strike, signaling strong investor confidence in further price appreciation.
While Bitcoin historically faces profit-taking after hitting all-time highs, comparisons to traditional assets like the S&P 500 and gold—which often sustain their rallies—suggest the possibility of the start of a sustained bull cycle. Market watchers now eagerly monitor whether Bitcoin will follow this mature asset behavior, potentially leading to continued gains.
