Bitcoin recently reached an all-time high of $112,000 and is now trading just below this level, maintaining support at $106,000.
Older Bitcoin holders are becoming more active, with a surge in spending by 1-year to 5-year holders, indicating potential market shifts and increased confidence.
Bitcoin's resilience as a hedge asset amidst global economic uncertainties is highlighted by positive market sentiment and on-chain signals supporting the bullish outlook.
BTC is facing a crucial test as it consolidates near its all-time high, with a need to surpass $112,000 to confirm a new bullish momentum and potentially target $120,000 and beyond.