Bitcoin has surged past the $103,000 mark for the first time since January, confirming a strong bullish breakout from its previous consolidation zone. The recent price spike is driven by heightened accumulation from institutional investors and large-scale holders.

Data from blockchain analytics platforms reveals a surge in market activity, with over 344,620 new wallets created. This further indicates a rebirth of interest on the part of retail players, which is most probably spurred by the sharp price increase and the rising institutional goodwill towards the market.

Significantly, all Unspent Transaction Output (UTXO) age bands are now in profit, marking a rare on-chain milestone. This development shows that all classes of Bitcoin holders, from day players to long-term investors, are currently making profits.

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According to Carmelo Alemán on CryptoQuant’s QuickTake platform, Bitcoin’s Realized Cap has been steadily rising. This trend indicates continued position building by long-term holders, ETFs, and whales in recent weeks and high conviction in price appreciation to come.

Institutional Accumulation and Technical Signals Strengthen Bullish Case

Daily technical charts confirm the breakout, with Bitcoin moving above the upper Bollinger Band previously set at $102,701. CoinMarketCap data shows Bitcoin trading around $103,123, placing it firmly within bullish territory with an increase of 3.69% within 24 hours. The price action signals the start of a potentially extended upward trend if buying pressure continues.

In addition, the MACD indicator also confirms the bullish outlook, as the MACD line remains above the signal line with a decent histogram, indicating that momentum is increasing in favor of the buyers. This would keep the rally in place for the short term, with more investors joining the market.

Source: Tradingview

If bullish momentum continues, the next significant resistance might be around $108,000, corresponding to past parabolic surges. In case of a pullback, key support could be found near the 20-day simple moving average at $94,938, with further support at $87,175.

Bitcoin’s sharp climb above $103,000 is being propelled by aggressive buying from ETFs and whales. On-chain strength and technical confirmation support a sustained breakout, and investor sentiment is growing increasingly bullish.

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