Key Points
- Bitcoin buyer dominance remains strong above $110K, with spot taker buy orders leading market activity.
- 90-day CVD data signals bullish momentum, suggesting the BTC uptrend may continue after a 50% rally.
- Short-term holders are in profit, while long-term holders show minimal selling—fueling expectations for another leg up.
Bitcoin is rewriting the rules of bull market behavior as buyer dominance continues to surge even at all-time highs. According to on-chain analytics platform CryptoQuant, the 90-day cumulative volume delta (CVD) strongly favors bulls, indicating sustained spot market demand. Despite a staggering 50% rally in under two months, Bitcoin taker buy orders remain in control.
CryptoQuant analyst Ibrahim Cosar emphasized that the recent uptrend shows no signs of slowing. “Buy orders have become dominant again… this generally signals that the uptrend may continue,” Cosar noted. Historical data supports this view: previous periods of buyer dominance have preceded major upward movements in Bitcoin’s price.
Short-Term Holders Back in Profit, Reinforcing Bullish Momentum
One of the key technical milestones fueling Bitcoin’s strength is its reclaim of the short-term holder (STH) average cost basis, which currently sits just below $100,000. CryptoQuant highlights this level as a reliable “buy-the-dip” signal in bullish cycles. With the BTC price now above $110,000, STHs — typically considered weaker hands — are firmly in profit, which adds fuel to the ongoing rally rather than triggering mass profit-taking.
Also Read: Analyst Predicts “Final Run”: Bitcoin to $600,000 Amidst Global Financial Reset
Glassnode data further confirms the market’s resilience. “Older coins were much less active this time,” the analytics firm posted, noting that long-term holders are resisting the urge to sell even as Bitcoin sets fresh record highs. Daily profit-taking is reportedly 50% lower than during Bitcoin’s first approach to $100,000 in December 2024.
When $BTC hit all-time high yesterday, total profit-taking volume was around $1.00B – less than half the amount realized when #Bitcoin first crossed $100K last December, which hit $2.10B. Despite a higher price, profit realization was far more muted. pic.twitter.com/GtZXU23yO9
— glassnode (@glassnode) May 22, 2025
Next Leg of the Rally Could Be Just Beginning
Bitcoin’s ability to attract buyers at higher levels, combined with reduced selling pressure from long-term holders, suggests the market is gearing up for “another wave” of gains. Neutral conditions that persisted through March and April have now given way to decisively bullish sentiment. With momentum continuing to build and the $111K level acting as a springboard, Bitcoin may be poised for a push toward even loftier price targets.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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