November 17 2025
The on-chain activity of Bitcoin (BTC) has seen a significant increase as the asset stabilizes around $108.000. $120.000 marks the next major price zone that is attracting attention.
Glassnode’s May 28 report highlighted increased investor profitability, rising accumulation, and robust flows into exchanges. These conditions are reminiscent of previous bull market peaks.
Bitcoin reached a new all-time high of $111.000 before pulling back to $107.000. It has since stabilized above that level.
Accumulation has increased significantly; Glassnode’s Accumulation Trend Score is approaching its maximum value of 1.0, indicating that investors are actively adding positions during this price discovery phase. This behavior was also noted when prices reached $70.000 and $107.000 in 2024.
Investor profitability has also increased. The Relative Unrealized Profit metric has reached levels that have historically been associated with euphoric market conditions. Only 16% of trading days show gains at this level. The Spent Output Profit Ratio (SOPR) shows that the average coin moved on-chain has realized a 16% gain, which is in the top 8% of all days in history.
Exchange behavior confirms this trend, with approximately 33% of all Bitcoin volume now flowing through centralized exchanges, up from the beginning of the year. The average profit on coins sent to exchanges is $9.300, while the average loss is just $780, resulting in a profit-to-loss ratio of 12:1, similar to previous bull cycles.
Leverage is also increasing. Open futures interest has risen from $36,8 billion to $55,6 billion (+51%) since April, while open options interest has increased to a record high of $46,2 billion, up $25,8 billion.
Spot Bitcoin exchange-traded funds (ETFs) continue to attract daily inflows of over $300 million, creating additional buying pressure.
Technically, Bitcoin is trading well above the 111-day moving average of $91.800, the 200-day moving average of $94.300, and the short-term holders’ cost basis of $95.900, reinforcing bullish momentum. On-chain price models point to key resistance between $120.300 and $135.700. Historically, this range has only comprised 17,5% of Bitcoin’s trading history and often acts as the upper boundary during periods of euphoria.
The report concludes that the market is heating up, but has not yet reached its maximum potential. If the momentum continues, the next test could occur around $120.000, provided that investor demand can absorb the rising profit provisions.
At the time of writing, May 28, 2025, 23:44 UTC, Bitcoin is ranked #1 in terms of market cap, with its price down 1,58% in the past 24 hours. Bitcoin has a market cap of $2,13 trillion and a trading volume of $48,7 billion in 24 hours.
At the time of writing, the total value of the crypto market stands at $3,39 trillion, with a 24-hour volume of $115,86 billion. Bitcoin dominance currently stands at 62,89%.
What are the signs of an upcoming Bitcoin price increase?
The increasing accumulation, high profitability and rising trading volume on exchanges are strong indicators of an upcoming price increase for Bitcoin.
How does leverage affect the Bitcoin market?
Leverage increases potential profits, but can also increase risk. The recent increase in open contracts in futures and options shows that investors are willing to take more risk in the current bullish phase.
Why are the $120.000 and $135.700 levels important?
These levels represent important resistance levels in technical analysis and are also often the level where euphoria occurs in the market, which can influence price movements.
Bitcoin (BTC)
Ethereum (ETH)
XRP (XRP)
