Bitcoin Breaks $103K as Wallets Surge and $108K Target Forms

Bitcoin (BTC) has decisively pushed past the $103,800 threshold, a first since January and putting a definitive end to weeks of sideways consolidation.

This upward drive is mirrored by a notable rise in network engagement. Blockchain analytics firm Santiment reports over 344,620 new Bitcoin wallets created, a clear sign of heightened interest, potentially driven by FOMO.

📈 Bitcoin’s network saw 344,620 new wallets be created on its network as FOMO poured in. Crypto’s top market cap asset has silenced bears, reaching a high of $103.8K for the first time since January. 👀 pic.twitter.com/hai245lQJz

— Santiment (@santimentfeed) May 9, 2025

Bitcoin On-Chain Health Signals Robust Investor Confidence

By analyzing UTXO Age Bands, a method that classifies unspent transaction outputs by the duration they’ve remained dormant, analysts have confirmed a rare milestone: 100% of all UTXO age bands are now in profit.

Carmelo Alemán talked about this development in a post on CryptoQuant’s QuickTake platform, adding that the Realized Cap has been climbing steadily as long-term holders, ETFs, and whales continued accumulating over recent weeks.

BTC Technicals Reinforce Breakout, Target $108K

Daily technical charts confirm Bitcoin’s strong breakout. The price has breached the upper Bollinger Band, noted at $102,701. According to CoinMarketCap data, BTC currently trades near $102,626, firmly in the breakout territory.

Such movements usually point to increased volatility and solid bullish drive, although traders watch for potential short-term overbought signals.

Source: TradingView

If the breakout holds and volatility sustains upward pressure, the next bullish target lies around $108,000, which would align with the kind of euphoric momentum seen in prior parabolic moves.

However, if price pulls back, the midline (20-day SMA) at $94,938 may serve as the first key support, followed by the lower band at $87,175 in a more extended correction.

On the other hand, the MACD (Moving Average Convergence Divergence) further supports the bullish case. The MACD line remains significantly above the signal line, with a wide positive histogram suggesting growing bullish momentum.

Source