Key Takeaways
- Despite cooling off below $110,00, Bitcoin’s growing realized cap and rising Coinbase Premium hint at bullish momentum.
- CryptoQuant data shows U.S. investors are buying BTC aggressively, signifying a bullish sign after the consolidation.
- Bitcoin’s MVRV ratio of 2.34 shows Bitcoin’s price is nowhere near a market top, opening the door for new highs in Q3.
Bitcoin (BTC) price briefly retested $110,000 on Monday, June 9. This development came after the coin price increased by nearly 5%.
That surge triggered over $205 million in liquidations, wiping out short sellers who had bet on a decline. Last week, traders piled into shorts as funding rates dipped negative, indicating rising bearish sentiment.
But the market turned on them. Bitcoin’s recent rally forced a short squeeze, even though the price has since pulled back.
Still, while BTC stopped short of a new all-time high, one key metric didn’t, and that development could shape BTC’s next move.
Bitcoin Key Metric Hits Record High
At press time, Bitcoin’s price has slightly declined to $109,264. However, on-chain data from Glassnode shows that the cryptocurrency’s realized capitalization has hit a new high of $936.60 billion.
The Bitcoin realized cap is an alternative way of valuing Bitcoin’s market cap by considering the price at which each coin last moved. Realized cap rises when older, cheaper coins are spent, effectively revaluing them at current prices.
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On the other hand, the metric drops when coins last moved at higher prices are spent, revaluing them lower. Despite the surge in Bitcoin’s realized cap, its market cap still leads, holding strong above $2 trillion.
This position indicates that Bitcoin holders are sitting on unrealized gains, and their average cost is below the current price. If sustained, the BTC price is likely to evade another correction, which could set up another upswing in the short term.
Not Overvalued Yet
Beyond that, data reveals growing buying pressure around Bitcoin. According to CryptoQuant analyst Crypto Dan, the Coinbase Premium Index is rising.
This metric tracks BTC activity from U.S.-based investors. When it climbs, it indicates aggressive buying, mostly from institutions or large players. A drop, however, points to selling pressure.
“In particular, the Coinbase Premium is gradually rising, indicating that buying pressure from U.S. investors is supporting the trend. This positive movement, without signs of overheating, is a typical pattern seen in a rising cycle following a correction, suggesting optimistic movements in the cryptocurrency market in the second half of 2025,” The analyst highlighted .
If this trend holds, Bitcoin’s price could rebound from its recent dip. However, we need more data to gauge whether BTC has more room to run or is nearing this cycle’s peak.
The Market Value to Realized Value (MVRV) ratio is one key metric to watch. It gauges whether Bitcoin trades above or below its fair value.
Historically, a reading above 3.7 signals a market top, while anything below one hints at a bottom. Right now, the MVRV ratio sits at 2.34.
That suggests Bitcoin has not peaked, but it is far from undervalued. In short, BTC still has fuel in the tank to chase a new all-time high.
This outlook also echoes Michaël van de Poppe’s view. He noted that Bitcoin may consolidate briefly after this surge, before pushing toward a new high.
“Bitcoin accelerated after the first breakout above $106,500, and we ran all the way towards $110,000. The first period of consolidation typically lasts a few days. Then, we’re going to have the next breakout above the ATH. Ideal zone to buy? I would estimate around $107,000-$ 108,000,” van de Poppe wrote on X.
BTC Price Analysis: New All-Time High Still in Play
From a technical point of view, the daily chart shows that Bitcoin is trading in an ascending channel. Amid this pattern, the green line of the Supertrend is below the price, indicating strong support for the upswing.
In addition, the Relative Strength Index (RSI) reading has risen to 60.47. This indicates bullish momentum.
If the RSI does not drop below 50,00, BTC could hit $112,072 in the short term. If buying pressure increases after this, the coin price might rally toward $120,000.
On the flip side, a drop below the lower trendline of the ascending triangle could invalidate the prediction. If that happens, Bitcoin’s price might slide to $97,219.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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