Bitcoin Breaks $103K as Wallets Surge and $108K Target Forms

Bitcoin (BTC) has decisively pushed past the $103,800 threshold, a first since January and putting a definitive end to weeks of sideways consolidation.

This upward drive is mirrored by a notable rise in network engagement. Blockchain analytics firm Santiment reports over 344,620 new Bitcoin wallets created, a clear sign of heightened interest, potentially driven by FOMO.

📈 Bitcoin’s network saw 344,620 new wallets be created on its network as FOMO poured in. Crypto’s top market cap asset has silenced bears, reaching a high of $103.8K for the first time since January. 👀 pic.twitter.com/hai245lQJz

— Santiment (@santimentfeed) May 9, 2025

Bitcoin On-Chain Health Signals Robust Investor Confidence

By analyzing UTXO Age Bands, a method that classifies unspent transaction outputs by the duration they’ve remained dormant, analysts have confirmed a rare milestone: 100% of all UTXO age bands are now in profit.

Related: Bitcoin Clears $100K With Strategy Launching 2025 BTC Adoption Model

Carmelo Alemán talked about this development in a post on CryptoQuant’s QuickTake platform, adding that the Realized Cap has been climbing steadily as long-term holders, ETFs, and whales continued accumulating over recent weeks.

BTC Technicals Reinforce Breakout, Target $108K

Daily technical charts confirm Bitcoin’s strong breakout. The price has breached the upper Bollinger Band, noted at $102,701. According to CoinMarketCap data, BTC currently trades near $102,626, firmly in the breakout territory.

Such movements usually point to increased volatility and solid bullish drive, although traders watch for potential short-term overbought signals.

Source: TradingView

If the breakout holds and volatility sustains upward pressure, the next bullish target lies around $108,000, which would align with the kind of euphoric momentum seen in prior parabolic moves.

However, if price pulls back, the midline (20-day SMA) at $94,938 may serve as the first key support, followed by the lower band at $87,175 in a more extended correction.

Related: Bitcoin Dominance Signals Top as Banana Zone Phase Nears

On the other hand, the MACD (Moving Average Convergence Divergence) further supports the bullish case. The MACD line remains significantly above the signal line, with a wide positive histogram suggesting growing bullish momentum.

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