Key Notes
- BTC rebounds to $109,700, with long-term holders keeping coins untouched near highs.
- Spot ETFs drive demand while on-chain activity remains low despite high prices.
- Analyst is eyeing the $120,000 level for BTC in the near-term.
Bitcoin BTC $109 636 24h volatility: 0.6% Market cap: $2.18 T Vol. 24h: $29.32 B has rebounded sharply after testing support near $105,000 earlier this week, trading around $109,700 at the time of writing.
On-chain data shows that investors are displaying strong holding behavior instead of rushing to take profits, a shift from previous cycles.
Glassnode data reveals that Bitcoin’s Liveliness metric, which tracks whether investors are spending or holding, continues to decline. This indicates fewer coins are being spent even at elevated prices.
$BTC Liveliness – a metric tracking if investors are holding or spending – continues to trend down. Unlike past ATHs where profit-taking spiked, this time investors are keeping their coins untouched, reinforcing strong holding behavior near price highs: https://t.co/cfndE1iz0a pic.twitter.com/D7ZCpKYtGN
— glassnode (@glassnode) July 3, 2025
Long-term holders now control a record 14.7 million BTC, suggesting most coins purchased during the $100,000 breakout remain dormant. This further confirms strong bullish sentiment among seasoned investors.
Long-term holders – investors who’ve held #BTC for over 155 days and are statistically less likely to sell – now own a record 14.7M $BTC . Most coins bought near the $100k breakout remain dormant, signaling strong conviction across the market: https://t.co/xRlN2V2S68 pic.twitter.com/AzlkQRK5l9
— glassnode (@glassnode) July 3, 2025
ETFs Fuel Demand Despite Low On-Chain Activity
While Bitcoin trades above $109,000, the number of active on-chain addresses has remained around 850,000, similar to levels seen when Bitcoin was around $16,000 in 2022.
As per a CryptoQuant analyst , this disconnect suggests that spot Bitcoin ETFs are emerging as the dominant force in driving inflows.
Institutional products like BlackRock’s spot Bitcoin ETF have enabled thousands of investors to gain exposure to Bitcoin without generating significant on-chain activity.
On average, BlackRock’s ETF processes only 24 transactions weekly while moving over 6,400 BTC.
BTC Price Eyes $120,000
On the daily chart, Bitcoin is trading along the upper Bollinger Band while holding above the middle band (20-day SMA) at $105,900).
This suggests a strong bullish structure. A clear breakout above the $110,000 resistance could lead the cryptocurrency toward a new potential peak.
BTC price chart with RSI and Bollinger Bands | Source: Trading View
Meanwhile, the RSI is currently around 60, suggesting room for further upside before entering the overbought region.
Popular analyst Lucky recently noted on X that BTC has been forming a bullish flag on the daily chart since early-May. He suggested that if this pattern plays out, traders could expect a price surge to $120,000 in the near-term.
$BTC is aiming for an historic breakout.
Eyes on 120K. 👀 pic.twitter.com/L2ZB7ObYvI
— Lucky (@LLuciano_BTC) July 3, 2025
However, if Bitcoin fails to hold above the $108,000–$105,000 support zone, it may trigger a corrective move toward $101,500.
