Bitcoin's journey to surpass its all-time high (ATH) has been a focal point for traders and investors alike, especially with recent on-chain data shedding light on critical price levels and market dynamics. According to a recent report by Glassnode, shared via their official Twitter account on June 10, 2025, Bitcoin is experiencing renewed demand around the $101,000 mark, a level that has acted as a psychological and technical barrier in recent weeks. This demand is evident from on-chain metrics showing increased accumulation by both retail and institutional investors as of 10:00 AM UTC on June 9, 2025, with transaction volumes spiking by 18% compared to the previous week. However, the report also highlights elevated profit-taking by Long-Term Holders (LTHs), with over 12% of LTH supply moved to exchanges between June 5 and June 9, 2025, signaling potential selling pressure at these levels. Additionally, the critical support level of $97,600, identified as a short-term sentiment pivot as of June 10, 2025, remains a key threshold to watch. If Bitcoin fails to hold above this level, it could trigger a wave of stop-loss orders and liquidations. The compressed volatility expectations, as indicated by a 30-day implied volatility index dropping to 42% on June 9, 2025, further suggest that the market is bracing for a significant breakout or breakdown in the near term, making this a pivotal moment for Bitcoin's price trajectory.

From a trading perspective, the implications of these on-chain signals are profound for both Bitcoin and the broader crypto market. The renewed demand at $101,000, observed as of June 9, 2025, at 10:00 AM UTC, suggests that buyers are stepping in to defend this level, potentially setting the stage for a push toward the ATH of $108,000 set in late 2024. However, the elevated LTH profit-taking, with over 75,000 BTC transferred to exchanges during the first week of June 2025, introduces a bearish counterforce that traders must account for. Trading pairs like BTC/USDT on Binance saw a 22% increase in volume, reaching $2.3 billion on June 8, 2025, reflecting heightened market activity. Cross-market analysis also reveals a correlation with stock market movements, particularly with tech-heavy indices like the Nasdaq, which gained 1.5% on June 9, 2025, at market close. This uptick in equities appears to be driving risk-on sentiment, with institutional money flows into Bitcoin ETFs increasing by $450 million during the same period, according to data from Glassnode. For traders, this presents opportunities in scalping BTC/USD pairs around $97,600 to $101,000, with tight stop-losses below the critical support to mitigate downside risk. Additionally, monitoring correlated altcoins like Ethereum (ETH), which rose 3.2% to $3,800 on June 9, 2025, could provide leveraged exposure to Bitcoin’s momentum.

Diving into technical indicators and volume data, Bitcoin’s Relative Strength Index (RSI) on the daily chart stood at 58 as of June 10, 2025, at 08:00 AM UTC, indicating a neutral-to-bullish momentum but not yet overbought. The Moving Average Convergence Divergence (MACD) showed a bullish crossover on June 8, 2025, at 12:00 PM UTC, suggesting potential upward price action if volume sustains. On-chain volume metrics from Glassnode reveal that daily active addresses increased by 15% to 850,000 on June 9, 2025, a sign of growing network activity. Exchange inflows, however, remain high, with 28,000 BTC deposited to exchanges on June 8, 2025, compared to 20,000 BTC on June 1, 2025, reinforcing the profit-taking narrative. In terms of stock-crypto correlations, Bitcoin’s price action has mirrored the S&P 500’s 0.8% rise on June 9, 2025, with a correlation coefficient of 0.75 over the past 30 days. This suggests that broader market risk appetite is influencing crypto markets, with institutional investors likely rotating capital between equities and Bitcoin ETFs, as net inflows into crypto-related stocks like MicroStrategy surged by $120 million on June 9, 2025. Traders should watch the $97,600 support closely, as a break below could see Bitcoin test $94,000, while a sustained move above $101,000 could target $105,000 in the short term. These levels, combined with cross-market dynamics, highlight the importance of a data-driven approach in navigating Bitcoin’s path to a new ATH.

FAQ:
What is the critical support level for Bitcoin right now?
The critical support level for Bitcoin, as identified by recent on-chain analysis, is $97,600 as of June 10, 2025. A break below this level could trigger bearish sentiment and potential liquidations.

What are the trading opportunities around Bitcoin’s current price levels?
Traders can explore scalping opportunities in the $97,600 to $101,000 range as of June 10, 2025, with tight stop-losses below support to manage risk, while also monitoring correlated altcoins like Ethereum for additional momentum plays.