Bitcoin remains steady just below $105,000, but surging on-chain activity and a key breakdown signal that a decisive move may be nearing.
By Parth Dubey
Editor Julia Sakovich
Updated
3 mins read
Bitcoin BTC $104 014 24h volatility: 0.8% Market cap: $2.07 T Vol. 24h: $45.59 B is currently trading near $104,983, with no loss or gain in the last 24 hours. Despite this ongoing price consolidation below the $105,000 mark, the cryptocurrency is witnessing a renewed surge in on-chain activity.
After reaching an all-time high of $112,000 on May 22, BTC has faced downward pressure, breaking an ascending support trendline that had been intact since early April. Still, sentiment among long-term holders and key whales remains bullish.
📊 Bitcoin's on-chain activity has seen sharp rises this week as its price hovers just below $105K:
📈 May 29th: 556,830 new $BTC wallets created (Highest since December 2, 2023)
🔄 June 2nd: 241,360 coins circulated (Highest since December 8, 2024)
Growth in a network's… pic.twitter.com/2DxknVXrKT
— Santiment (@santimentfeed) June 5, 2025
According to Santiment, a record 556,830 new BTC wallets were created on May 29, which is the highest daily count since December 2, 2023. Moreover, on June 2, over 241,000 BTC coins circulated, a level not seen since December 8, 2024.
Meanwhile, wallets holding between 10 to 10,000 BTC have been actively buying the short-term dip. Data suggests that this cohort accumulated a total of 79,244 BTC in the last week alone, averaging 11,321 BTC daily.
🐳 There are now 151,820 wallets holding between 10 to 10,000 Bitcoin. These key stakeholders have aggressively been accumulating over the past week, collectively adding 79,244 $BTC (11,321 coins accumulated per day). 👀 pic.twitter.com/jWUtqOFaPO
— Santiment (@santimentfeed) June 3, 2025
The breakdown from the April support trendline has brought Bitcoin to a critical support range between $102,000 and $104,000. Popular crypto analyst on X CryptoBusy warned that if this level fails to hold, BTC could face a steeper correction.
Bitcoin $BTC is now sitting right on a key support zone around 102k to 104k after breaking below the short term trendline.
This area must hold to avoid a deeper breakdown.
What to watch next:
1. Hold above support with increasing volume
2. Reclaim the trendline for momentum… pic.twitter.com/buEUAj0zU1— CryptoBusy (@CryptoBusy) June 5, 2025
However, if bulls manage to reclaim the previous trendline with rising volume or positive macro catalysts, the cryptocurrency could quickly retest the $109,000 resistance.
On the daily BTC price chart, the RSI is hovering at 52 with a downward gradient. A further drop in RSI may confirm further downside, while a bounce could result in a short-term rally. Overall, BTC sits at a critical juncture.
BTC price chart with RSI and Bollinger Bands | Source: TradingView
Bitcoin is trading close to the lower Bollinger Band, indicating that it may be approaching oversold conditions. The middle band (20-day SMA), currently near $106,715, serves as the immediate resistance.
If BTC manages to hold above the mid band, traders could set a price target of $111,000 in the near-term. However, failure to hold this support level could send the cryptocurrency to $102,400, aligned with the lower band.
As Bitcoin eyes a new peak with renewed bullish sentiment, a rising meme coin, BTC Bull (BTCBULL), is capturing investor attention. The project capitalizes on Bitcoin’s upward momentum while offering unique community-driven rewards.
The Bitcoin Bull team is offering its native token, BTCBULL, in a presale model that directly tracks Bitcoin’s performance. For every $25,000 increase in Bitcoin price, from a baseline of $100,000 up to a threshold of $250,000, BTCBULL holders unlock new sets of rewards.
These rewards include periodic deflationary token burns, which reduce supply, and Bitcoin airdrops. This mechanism creates sustained enthusiasm and aligns the project’s success with Bitcoin’s price movements.
At the final milestone, when Bitcoin hits the $250,000 mark, BTCBULL holders are set to receive a major BTCBULL airdrop.
BTCBULL presale snapshot:
The presale is approaching its fundraising goal of $7.7 million, with $6.83 million already secured, indicating strong early interest from the crypto community. For those optimistic about Bitcoin’s future price trajectory, Bitcoin Bull offers an opportunity to invest in newer Bitcoin-tied meme coins.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
