Bitcoin (BTC) Traded Near $104,000 on May 14, 2025, Sustaining Higher Price Levels as On-Chain Metrics Pointed to Stable but Moderating Profitability

Realized price returns continue to show strength, although recent trends indicate a decline in momentum. While the spot market remains firmly in bullish territory, trading activity and yield data suggest a possible transition phase as participants assess upcoming market conditions.

Bitcoin (BTC) traded comfortably above the $100,000 mark on May 14, sustaining higher price levels as on-chain metrics pointed to stable but moderating profitability. Realized price returns continue to show strength, although recent trends indicate a decline in momentum.

While the spot market remains firmly in bullish territory, trading activity and yield data suggest a possible transition phase as participants assess upcoming market conditions.

Bitcoin realized price trends higher

Data from April 2022 to April 2025 reveals a gradual increase in Bitcoin's realized price, now standing around $45,100. This metric, which measures the average acquisition price of all circulating BTC, serves as an indicator of network-wide profitability.

Bitcoin is trading close to $100K, with the realized price around $45K and still climbing. Daily RP yield ranges from 0.10% to 0.23% (roughly 36%–85% annualized), while the 30-day SMA sits at about 0.10% (around 35%–40% annualized). These positive yet moderate returns indicate…https://t.co/60J5u8Z88q

Periods of extended negative returns, as seen in mid-2022 and from late 2022 into early 2023, were marked by consolidation near the $20,000 range. The realized price stagnated during those phases, and investor sentiment was muted. That trend reversed in early 2024, when consistently positive returns supported a price surge past $70,000 and toward $90,000.

The realized price serves as a key resistance level, and if it breaks, it could open the door for further bullish momentum. However, a failure to break through realized price usually leads to a stall in the market, as seen in mid-2022 and late 2022.

Price action shows strength despite volume decline

At the latest update, Bitcoin is priced at $104,081.73, reflecting a modest daily increase of 0.34%. The market capitalization has grown to $2.06 trillion, while Bitcoin's fully diluted valuation (FDV) is $2.18 trillion. Despite these figures the 24-hour trading volume decreased by 13.29% and the number now stands at $50.26 billion. The drop in volume can be indicative of trader caution, and particularly after hitting the psychological resistance close to $105,000.

Intraday trading indicated the asset crossing over the $104,800 mark, followed by a minor correction at the opening of trading on 14th May 2022. In particular, the price dipped twice below $103,500 and rebounded immediately after. This pattern reflects the continuation of support from the dip buyers and evidence that short-term mood is upbeat.

The total supply of Bitcoin is now at 19,860,000 BTC, while the hard cap of 21 million is still in force. A volume-to-market cap ratio of 2.44% indicates a moderate liquidity level over trading venues.

Diverging indicators point to a watchful market

While Bitcoin's spot price is approaching all-time highs, a cooling of realized returns and volume implies a loss of momentum. Past patterns show that spurns between price and profitability measures have resulted in consolidation periods or corrections in the market.

The 30-day SMA downward move in realized price yield is a warning sign for the market players. Although the overall direction is strong, the divergence between advancing spot prices and falling returns could indicate a revaluation period before macroeconomic numbers or profit taking at resistance levels.