Bitcoin (BTC) Reclaims $100,000 Level, Crucial On-Chain Signals Flash Bullish

Bitcoin price rose above $100,000 again on May 10, trading at around $102,000 at the time of writing — a nearly 4% surge in the past 24 hours.

One of the most significant on-chain signals confirming market strength comes from CryptoQuant’s Bull-Bear Market Cycle Indicator, which has finally begun to flash bullish.

CryptoQuant’s Bull-Bear Market Cycle Indicator | Source: CryptoQuant

While the coefficient of the bullish signal is still weak at 0.029, it’s the first green signal in over two months, hinting at a potential shift in momentum.

Convergence of bullish indicators

The Bull-Bear 30DMA has started to curve upward. Historically, when this shorter-term moving average crosses above the Bull-Bear 365DMA, Bitcoin has entered periods of parabolic price growth.

The crossover hasn’t happened yet, but the upward slope is now in motion.

Meanwhile, realized price metrics based on UTXO age bands reveal that 100% of all Bitcoin holders are in profit. This rare alignment occurred when Bitcoin crossed $98,138, pushing even the final lagging band (3 to 6 months) into profitability.

As the market approached the current local low of $74k, more than 5M BTC were held in an underwater position. However, as the market recovery has taken place, this number has fallen to around 1.9M BTC, indicating that over 3M BTC have returned to a state of profit. pic.twitter.com/J7cmxlRyMH

— glassnode (@glassnode) May 8, 2025

Technical analysis: momentum builds for btc

Looking at the daily chart below, Bitcoin has cleanly broken above the upper Bollinger Band, now hovering around $102,747.

Price exceeding the top band often indicates overbought conditions in the short term, which can lead to temporary pullbacks, but also suggests strong momentum. The lower band sits at $87,147, providing the key support level if price corrects.

The MACD remains in bullish alignment, with the MACD line trending well above the signal line and continuing to widen as buyers continue to dominate.

BTC 1D Chart | Source: TradingView

If Bitcoin can maintain above $102,750, the next target becomes $108,000-$110,000, followed by the all-time high range near $120,000. On the other hand, a break below the $94,947 mid-Bollinger Band or a failed hold above $100K could bring a correction toward the $87,000-$90,000 support zone.

A crypto journalist with over 5 years of experience in the industry, Parth has worked with several major media outlets in the crypto and finance world, where he experience and expertise in the space having survived bear and bull markets over the years. He is also an author of 4 self-published books.

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