Bitcoin network activity has surged to a six-month high, recording over 925,000 active addresses, signaling increased investor interest and potential for a significant price movement. This surge coincides with Bitcoin consolidating around the $95,000 level, fueling speculation about an imminent breakout.

According to data from Glassnode, the number of unique active addresses reached 925,914 within a 24-hour period as of May 3. This rise in network participation closely tracks Bitcoin's price recovery from mid-April lows, suggesting a strong correlation between user engagement and market performance.

Cryptocurrency analyst Ali Martinez highlights $98,290 as a crucial resistance level. A breakthrough above this point could pave the way for Bitcoin to reach the $100,000 milestone. Conversely, $96,160 serves as a key support level. The current oscillation between these two levels indicates a tight trading band, suggesting a decisive breakout is on the horizon.

Artificial intelligence (AI) models suggest that Bitcoin may reach $100,000 by the end of May. Technical analysis from TradingShot indicates that Bitcoin is recovering from the recent “Tariffs correction,” potentially opening the path toward a $106,000 target.

At the time of writing, Bitcoin is trading at $95,470, a slight decrease of 0.8% over the past 24 hours, but still up nearly 2% over the past week. Market sentiment remains bullish, with Bitcoin registering a “greed” score of 65. Technically, Bitcoin is trading above its 50-day ($86,939) and 200-day ($86,139) simple moving averages (SMA), confirming the continuation of an uptrend. However, the relative strength index (RSI) stands at 66.42, suggesting traders should be wary of potential short-term pullbacks due to slightly overbought conditions.