Bitcoin price surges near $99k amid growth in transaction volume
Bitcoin price has maintained an upward trajectory this week, rising from a low of $93,400 to a six-day high of $98,700. The price action broke above a key resistance trendline, adding strength to the bullish outlook.
However, network data presents a contrasting picture—while active Bitcoin addresses declined by 16.82% over the past 24 hours, transaction volume surged 42.33%, suggesting strong demand for block space. With BTC now approaching last week’s high of $99,000, traders are eyeing the psychological $100,000 level.
Bitcoin’s rally this week gained momentum after reclaiming the weekly opening price of $96,200. The price then established support at this level before advancing 2.6% to $98,700. Notably, this move broke above the resistance trendline of the bearish channel, signaling a shift in market sentiment.
Bitcoin price dynamics (Feb 2025). Source: TradingView.
As of Friday, February 21, Bitcoin opened near $98,000 and has remained range-bound during the Asian session with limited volatility. The key resistance now stands at $99,000, the previous week’s high. A break above this level could pave the way for a test of the highly anticipated $100,000 mark.
Bitcoin network data shows contrasting trends in user activity
Despite the recent price rally, on-chain data indicates a slowdown in active addresses, which fell 16.82% to approximately 462,390. This suggests a reduction in unique participants engaging with the network. However, Bitcoin transactions surged by 42.33% in the past day, reaching around 453,600, highlighting strong demand for block space despite fewer active users.
With BTC approaching a critical resistance level, traders will be watching whether bullish momentum can sustain a push beyond $99,000. The daily RSI, which has been neutral for most of February, has now shifted into bullish territory, reinforcing the positive trend. If buyers maintain control, the next key target will be the $100,000 psychological level which could attract further speculative interest.
Bitcoin rebounded from $96,200 support, reaching a four-day high. The recovery was driven by a potential short squeeze, but resistance kept further gains in check.
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