Bitcoin has established itself above $94,000 and briefly climbed above $97,000, supported by on‑chain indicators rather than pure speculation.

Market movement and on‑chain signals

According to CryptoQuant and Santiment, recent price strength corresponds with several fundamental metrics improving simultaneously across the network.

One metric, Value Days Destroyed, fell to 0.53, indicating that coins with longer holding periods were not the primary sellers during the recent rebound.

Holder behavior and retail flows

Data shows long‑term holders largely refrained from selling, while turnover has been dominated by younger coins moving on and off exchanges during volatility.

At the same time, commentators note that prevailing levels of FUD historically have coincided with continued appreciation phases rather than immediate reversals.

Accumulation by larger addresses

Addresses holding between 10–10,000 BTC accumulated more than 32,000 BTC since 10.01.2026, while smaller retail wallets showed net outflows in the same interval.

Analysts describe this combination of accumulation by larger wallets and selling by retail as a configuration commonly observed near the start of sustained bullish impulses.

The cited on‑chain observations provide context for the recent move above key price levels, though analysts emphasize the importance of continued metric tracking for confirmation.