Bitcoin has already risen above $93K, but this does not mean the market momentum is sufficient. On-chain demand signals remain weak, and to push the price beyond the $100K threshold, we need to see stronger buying interest. From on-chain data, the actual actions of holders are still not enough to support the continuation of this upward trend. In other words, the price has gone up, but the genuine demand side is still on the sidelines. To achieve the next rally, the key is to see when these weak signals will turn stronger — not just a new high in price, but also whether trading volume and holder willingness will catch up.