Bitcoin (BTC) has surged beyond the $112,000 resistance, which is currently trading at $115,104, after a few weeks of performance.
On-chain data highlights two important trends. Increased holder retention and estimated leverage ratio both point to strong hadling emotions. These signals suggest that long-term convictions remain intact and that if you buy momentum, BTC could quickly try to regain the $120,000 level.
Bitcoin Holder Conviction Hits in 2025
According to GlassNode data, Bitcoin (BTC) holders continue to show convictions, with coin holder retention steadily rising since August 6th. At the time of press, the metric was 80.49%, marking the year’s high.
Holder Retention Rate tracks the percentage of addresses that maintain the balance of BTC over a 30-day period of consecutive days. Simply put, it reflects how many investors continue to hold their coins each month.
BTC’s climbing holder retention rate is worth noting as it has been trading in a horizontal pattern for most of August and has struggled to gain momentum. Such insufficient price action usually leads to traders end their positions.
Instead, a steady gathering of BTC’s holdings retention rates indicates that most investors chose to ride the integration phase, confirming their long-term outlook for their assets.
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BTC holder retention rate. Source: GlassNode
Bitcoin ELR hits high every year, and traders signal stronger beliefs
The bullishness among derivative traders has also been strengthened, highlighted by the estimated leverage ratio of coins surge across all exchanges. At the time of pressing, this is 0.26, and has been sitting at the highest level since the start of the year.
BTC estimated leverage ratio. Source: Cryptoquant
The ELR measures the average leverage trader applied to the BTC position on the exchange. This is calculated by splitting the interest opened in the exchange reserves of that asset.
The decline in ELR suggests that traders are reducing exposure, raising attention to short-term asset outlook and avoiding high-risk positions.
Conversely, rising ELRs indicate that traders are increasing leverage, pointing to stronger beliefs and greater risk appetite.
Therefore, an increase in BTC’s ELR indicates increased market reliability, with leveraged traders positioned for further profits.
Bitcoin Rally is guilty – $119,000 in vision, $122,000 next
If retention remains high and derivative traders maintain bullish convictions, the current BTC rally could be strengthened and pushed towards $119,367. Violation of this barrier could drive the major coin to $122,190.
BTC price analysis. Source: TradingView
Meanwhile, a decline in bullish convictions could lead to a revisiting of what is low as $111,961.
Post Bitcoin clears the $112,000 wall and Eyes returns to $120,000 as Hoddlers’ double down first appeared on Beincrypto.
