TLDR
- Bitcoin now trading above $104,000 on global exchanges, a 1.30% increase
- JPMorgan predicts Bitcoin could outperform gold in second half of 2025
- Spot Bitcoin ETFs recorded $2.9 billion in net inflows over two weeks
- On-chain data shows whales accumulating and exchange balances at six-year lows
- Technical analysis suggests Bitcoin could reach $140,000 target
Bitcoin continues its upward trajectory, maintaining its position above the crucial $100,000 mark for the seventh consecutive day. The world’s largest cryptocurrency is now trading at $104,010 on global platforms, with Indian exchanges showing slightly higher values at around $104,770.
The cryptocurrency has been trading between support at $101,700 and resistance at $104,800, showing resilience despite some market instability. Bitcoin ETFs recorded outflows totaling $295 million recently.
Unlike Bitcoin, Ethereum experienced minor losses, dropping 0.15% to trade at $2,588 on international exchanges. On Indian platforms, Ether recorded losses of up to 0.22%, bringing its price to $2,599.
Most altcoins showed declines on Friday, including Tether, Ripple, Solana, Dogecoin, Cardano, and Avalanche. Other cryptocurrencies that dropped in value included Shiba Inu, Leo, Polkadot, Monero, Near Protocol, and Cronos.
However, some currencies managed to hold onto small gains, including Binance Coin, Tron, Stellar, Litecoin, Iota, and Polygon.
Strong Institutional Interest
The crypto market’s overall valuation currently stands at $3.33 trillion, with Bitcoin leading the charge. Recent data shows strong investor appetite for spot Bitcoin ETFs, which recorded $2.9 billion in net inflows over the last two weeks.
This pattern mirrors previous rallies. Between February and March 2024, these investment products saw net inflows of about $8.5 billion, peaking at a record single-day inflow of $1.045 billion on March 12, 2024.
Similarly, between November and December 2024, cumulative daily inflows hit $5.7 billion, aligning with Bitcoin’s 60% rally from $67,000 to $108,000 during that period.
Market sentiment appears favorable for risk-on assets like Bitcoin, as evidenced by the drop in the CBOE Volatility Index (VIX) to 18 from 55 over the past 25 trading days. A VIX score below 18 typically implies a “risk-on” environment.
According to market economist Timothy Peterson, whose model has a 95% tracking accuracy, a $135,000 target could be reached within the next 100 days if the VIX remains low.
$VIX dropped substantially yesterday on news of a potential China trade deal. It is now at 'normal' levels.
Inflation just came in lower than expected.
This will be a 'risk on' environment for the foreseeable futrue. pic.twitter.com/MKjw64WXuh
— Timothy Peterson (@nsquaredvalue) May 13, 2025
On-Chain Data Supports Bullish Outlook
On-chain metrics provide further evidence of Bitcoin’s strength. The Bitcoin Accumulation Trend Score from Glassnode shows intense accumulation by large investors, similar to patterns observed in October 2024 before Bitcoin’s rise from $67,000 to $108,000.
Data from Santiment reveals that addresses holding between 10 BTC and 10,000 BTC have accumulated 83,105 more BTC in the past 30 days, suggesting strong conviction among whale investors.
🐳🦈 Bitcoin's key whale & shark tier (holding 10-10K BTC) have now accumulated 83,105 more BTC in the past 30 days. Meanwhile, the smallest retail holders (holding <0.1 BTC) have dumped 387 BTC in the same time period.
For both tiers, these are significant movements relative to… pic.twitter.com/Xg5FmF57GQ
— Santiment (@santimentfeed) May 13, 2025
Bitcoin’s balance on exchanges has reached a six-year low of 2.44 million BTC, with more than 110,000 BTC moved off exchanges over the last 30 days. This trend typically indicates investors are moving their tokens to self-custody wallets with no immediate intention to sell.
Network activity also supports the bullish case. The Bitcoin transaction volume Z-score, which measures the difference between current transaction volume and the average, has risen sharply from negative territory and is approaching 1 – a level historically associated with price rallies.
From a technical perspective, Bitcoin has formed a rounded bottom chart pattern on the daily chart. Bulls are now focused on pushing the price above the neckline at $106,660, which would confirm a bullish breakout with a technical target of $140,000 – representing a 37% increase from current levels.
While the market has shown some choppiness in recent days, analysts advise caution but note that current market conditions still favor upside potential, possibly exceeding the $140,000 target.
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