Bitcoin (BTC) Has Decisively Pushed Past the $103,800 Threshold, Reaching a New 2021 High

Bitcoin (BTC) has decisively pushed past the $103,800 threshold, a first since January and putting a definitive end to weeks of sideways consolidation.

Bitcoin (BTC) price has surged past the $103,800 threshold, marking a new high since January and signaling the end of weeks of sideways consolidation.

This upward drive is mirrored by a notable rise in network engagement. Blockchain analytics firm Santiment highlights over 344,620 new Bitcoin wallets being created.

"Network activity is heating up as FOMO pushes traders into crypto.344,620 new wallets were created on Bitcoin's network today.

It's no surprise with over 60% of UTXO age bands now in profit & the realized cap continuing to climb."

Bitcoin On-Chain Health Signals Robust Investor Confidence

Analyzing UTXO Age Bands-classifying unspent transaction outputs by the duration they’ve remained dormant-reveals a rare milestone: 100% of all UTXO age bands are now in profit.

"It's an interesting stat as it showcases the resilience of BTC holders throughout this bull market. Even in periods of price weakness, like July-August, we observed accumulations by long-term holders, ETFs, and whales," noted Carmelo Alemán in a recent QuickTake from CryptoQuant.

BTC Technicals Breakout, Target $108K

Daily technical charts highlight Bitcoin’s strong breakout. The price has punched through the upper Bollinger Band, which is being indicated at $102,701. According to CoinMarketCap data at the time of writing, BTC is currently being exchanged for $102,626.

Such price movements usually suggest increased volatility and a potential for more bullish moves, although traders will be scanning for any possible short-term overbought signals.

If this breakout holds and the volatility continues pushing prices upward, then the next key resistance level to watch out for would be at around $108,000. This aligns with the kind of euphoric momentum that's observed during steeper parabolic moves.

However, if the price does pull back from here, then the midline (20-day SMA) at $94,938 may act as the first key support. A deeper correction could see the price testing the lower band at $87,175.

On the other hand, the MACD (Moving Average Convergence Divergence) is providing further strength to the bullish case. The MACD Line is still largely over the Signal Line, with a large positive Histogram suggesting a build-up in bullish momentum.