Bitcoin Climbs To $97K As On-Chain Accumulation Surges
Posted On May 7, 2025
Bitcoin (BTC) extended its rally Wednesday, rising 3.4% to $97,124 amid renewed investor confidence and mounting on-chain support. The cryptocurrency is now up 3.5% over the past week and 28% in the past month, reinforcing bullish momentum heading into the May Federal Reserve meeting.
According to blockchain analytics firm Glassnode, accumulation is strengthening across both long- and short-term holders, with BTC now approaching a historically significant resistance level near $99,900. The threshold, flagged as a potential zone for profit-taking, will test the market’s ability to sustain upward pressure.
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Glassnode reports that long-term holders (LTHs), defined …
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