Bitcoin’s Break Above $110K Signals Strongest Buying Momentum Since the Start of the Year

Bitcoin has entered a powerful accumulation phase, with data from Glassnode confirming that investors of all wallet sizes are buying aggressively for the first time since early this year. The cryptocurrency is currently trading above $110,000, marking an 18% rise in just the past month.

Glassnode’s Accumulation Trend Score has surged to a perfect 1.0, signaling robust demand regardless of how much BTC holders already possess. This indicator tracks the buying strength across different wallet sizes over the last 15 days, while filtering out miners and exchanges to provide a clear picture of genuine accumulation.

This renewed buying momentum kicked off in early May, initially driven by large holders controlling over 10,000 BTC. As prices climbed, smaller investors followed suit, amplifying the buying pressure across the market.

This stands in stark contrast to the period from January through April, when bitcoin holders were predominantly reducing their positions amid a price drop from around $109,000 to roughly $75,000.

Meanwhile, options markets are pricing in optimistic scenarios, with CoinDesk Research reporting that the $300,000 call option for June expiry has become the most heavily traded, commanding $620 million in notional value. Another $420 million is focused on the $200,000 strike price.

While bitcoin has historically seen pullbacks after reaching new all-time highs due to profit-taking, some analysts are drawing parallels with traditional assets like the S&P 500 and gold, which often continue their upward momentum in similar conditions. Should bitcoin begin to mimic this behavior, it may herald the start of a sustained bullish cycle, a trend many investors are eagerly monitoring.