Bitcoin (BTC) may be on the cusp of another rally, as leading cryptocurrency exchange Binance saw its spot volume rise from around 40% on July 15 to as high as 60% on July 18. Historical data suggests that surges in Binance\u2019s spot market share have frequently preceded upward movements in BTC\u2019s price.<\/p>\n
According to a CryptoQuant Quicktake post by contributor Amr Taha, Binance\u2019s spot volume market share surging to 58% on July 23, has further strengthened the premier cryptocurrency\u2019s $117,000 support.<\/p>\n
This marks the second notable spike in Binance\u2019s spot market dominance this month. On July 18, Binance\u2019s share surged to 60%, coinciding with Bitcoin holding above the critical $117,000 mark on the daily chart.<\/p>\n
Since then, the $117,000 level has served as a reliable support zone, likely buoyed by Binance\u2019s deep liquidity and high execution reliability. Price stability at this level has been observed multiple times since the initial breakout.<\/p>\n
In addition to this, Bitcoin\u2019s price has shown strong resilience around the Realized Price of the 1-day to 1-week Unspent Transaction Output (UTXO) Age Band, which is currently near $118,300.<\/p>\n
For context, UTXO age bands classify Bitcoin held in wallets based on how long it has remained unspent, offering insight into investor behavior. Shorter bands \u2013 1 day to 1 week \u2013 typically reflect activity by newer or speculative holders, while longer bands \u2013 6 months to 5 years \u2013 are associated with long-term holders with stronger conviction. Taha explained:<\/p>\n
Historically, this metric acts as a dynamic support level, indicating that newer holders are not capitulating and that the average on-chain cost basis of recent buyers is being respected by the market.<\/p>\n
Meanwhile, fellow crypto analyst Titan of Crypto took to X to highlight BTC following the bullish inverse head and shoulders pattern. In an X post, the analyst shared the following weekly chart, adding that BTC is on track to hit a target of $144,000.<\/p>\n
Bitcoin\u2019s recent all-time high (ATH) of $123,218 has reignited<\/a> speculation around even higher price targets before year\u2019s end. According to CryptoQuant analyst Chairman Lee, BTC remains on track to reach $180,000 by the end of 2025.<\/p>\n Recent on-chain metrics support this bullish outlook. Notably, the Bitcoin IFP indicator suggests<\/a> that major holders continue to hold BTC despite its proximity to record highs \u2013 unlike in previous cycles, where exchange inflows typically preceded significant corrections.<\/p>\n