Bitcoin is currently showing early signs of a potential strong rally, despite low new user activity and a hold-over phase where current holders are waiting for fresh demand. The price remains above $100,000, with stablecoin inflow patterns indicating accumulation levels similar to those seen after notable market downturns like the LUNA and FTX collapses. Onchain data reveals that the 30-day moving average of stablecoin inflows has entered negative territory but is showing signs of stabilization, suggesting readiness among participants to hold rather than sell. However, new Bitcoin network activity is down approximately 40%, indicating that long-term holders are not moving coins, which could lead to rapid price increases if new demand arises. The imbalance of demand and supply persists as new buyer demand appears insufficient to absorb selling pressures. While the current environment features signs of seller exhaustion and whale activity, Bitcoin's movement in the near term will largely depend on whether new demand can outpace selling. A correction could happen before a broader upward trend if momentum stalls near $110,000.

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