Bitcoin rally shows room to run toward $130,000 before demand cools off

According to a Glassnode report on July 16, Bitcoin's recent surge to new all-time highs suggests it could potentially reach $130,000 before facing significant resistance. Bitcoin recently broke past the $100,000-$110,000 range, hitting a high near $122,000, which turned previous buyer concentration zones between $93,000-$97,000 and $104,000-$110,000 into potential support levels. The report indicates that most of the circulating Bitcoin supply is now in profit, with the current price exceeding the 95th percentile at $107,400. Historically, such sharp increases have led to increased profit-taking. The report also notes that short-term holder conditions are entering an overheated zone, which has often preceded broader market demand exhaustion. The next resistance level is identified near $136,000, with $130,000 viewed as an intermediate goal.