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Bitcoin hits 109K – Can BTC rise further? THIS data suggests…
Bitcoin’s recent surge above $109K is supported by the Binance Netflow SMA30 and rising Open Interest.
On-chain data reveals renewed buying interest and lower supply on Binance, driving Bitcoin’s recent price increase. Open Interest volume has also risen by 156.60% in the last 24 hours, reaching a valuation of $179.14 billion, indicating growing trader engagement and potential momentum in the derivatives market, which can influence Bitcoin’s spot price.
Moreover, Glassnode data on active addresses—a proxy for retail participation—revealed recent spikes in user activity. The number of active addresses surged from below 1 million earlier this month to 2.2 million by the 17th of January, before retreating to 1.1 million as of the 19th of January. While the fluctuation in active addresses indicates variability in retail interest, the overall increase earlier in the month suggests that more participants are engaging with the Bitcoin network.
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Source: ambcrypto.com
