Can Bitcoin Go Up Again? A Look At Current Onchain Analysis

Bitcoin, the world’s largest cryptocurrency, has once again captured the spotlight as its price flirts with new all-time highs. After a remarkable surge above $97,000, the question on everyone’s mind is simple: can bitcoin go up again, or is the rally running out of steam? 

To answer this, we turn to the latest onchain analysis, technical levels, and market sentiment. Whether you are new to crypto or a seasoned investor, understanding these signals is key to making informed decisions about the bitcoin price.

Current Bitcoin Price Trends and Key Resistance Levels

In recent days, bitcoin has demonstrated impressive bullish momentum, climbing above $97,000 before retracing to around $94,000. According to blockchain analytics firm Glassnode, the critical resistance zone lies at $98,000. 

For bitcoin to continue its march toward the highly anticipated $100,000 milestone, two conditions must be met: the $95,000 support level must hold, and the price must close a day above $98,000. These thresholds are not just psychological barriers but also technical ones, shaping trader behavior and market sentiment.

If bitcoin fails to maintain support above $95,000, analysts warn of a potential pullback to the $85,000–$75,000 range. This makes the current price action a pivotal moment for the market, with traders closely monitoring for a decisive breakout or breakdown.

Onchain Analysis: What the Data Reveals

Onchain data offers valuable insights into the health and direction of the bitcoin market. One of the most telling metrics is the percentage of bitcoin’s circulating supply that is currently in profit. At present, 86% of bitcoin holders are sitting on gains, a level that typically signals strong bullish sentiment. However, history shows that when 80–90% of the supply is in profit, short-term holders often start taking profits, leading to temporary corrections.

The Bitcoin Composite Index chart above illustrates these dynamics. Past cycles show that after reaching similar profit levels, bitcoin experienced periods of consolidation or correction before resuming its upward trajectory. The chart highlights key moments where the ratio of the composite index to the all-time high composite signaled market tops and subsequent pullbacks, offering a roadmap for what could happen next.

Market Sentiment and the Path Forward

Market sentiment remains cautiously optimistic. The high percentage of profitable holders suggests confidence in further gains, but it also increases the likelihood of profit-taking, which can trigger short-term volatility. The psychological barrier of $100,000 looms large, with $98,000 acting as the final hurdle before this milestone. If bitcoin can decisively break above this level and sustain it, the path to new highs becomes more plausible.

Conversely, failure to hold key support levels could lead to a deeper correction, as seen in previous cycles. The ongoing tug-of-war between bullish momentum and profit-taking behavior will likely define bitcoin’s price action in the coming weeks.

Read Also: Bitcoin Price Analysis: Why These Two Patterns Are Key for the Next Bull Market

Conclusion

So, can bitcoin go up again? The answer depends on a delicate balance of technical support, resistance levels, and onchain data. While the long-term outlook remains positive, especially if $98,000 is breached, investors should be prepared for possible corrections along the way. Onchain analysis suggests that while the majority of holders are in profit, this very fact could lead to short-term selling pressure. Monitoring these signals will be crucial for anyone looking to navigate the next phase of bitcoin’s journey.

FAQ

What is the current key resistance level for bitcoin?
The main resistance is at $98,000. A daily close above this level is needed for further upside.

What support level should investors watch?
The $95,000 level is critical. If bitcoin falls below this, it could drop to the $85,000–$75,000 range.

Why does a high percentage of profitable holders matter?
When 80–90% of holders are in profit, it often leads to increased profit-taking, which can cause short-term corrections.

Can bitcoin reach $100,000 soon?
If bitcoin breaks and holds above $98,000, the path to $100,000 becomes more likely, but short-term volatility should be expected.

What does onchain analysis tell us about future price movements?
Onchain data shows that current profit levels are historically associated with both bullish sentiment and periods of consolidation or correction, making it important to watch support and resistance zones closely.