Bitcoin’s 12% Breakout Story Lives — But One Group Is Trying To Spoil The Ending?

Bitcoin's price action suggests a continuation of its upward trend, supported by reclaiming the 20-day Exponential Moving Average (EMA) and the formation of a cup-and-handle structure on the daily chart. Short-term selling pressure has significantly decreased, and standard long-term holders have been net buyers since late December.

However, the anticipated breakout above resistance near $92,400 is being met with supply from a specific cohort: ultra-long-term holders (those holding coins for over a year). On-chain data shows this group distributed a significant amount of BTC recently, which explains the current price hesitation near resistance.

For the bullish scenario to fully materialize, Bitcoin needs a clean daily close above $92,400, targeting $94,870 and potentially $106,630. Key support to maintain the bullish structure is the 20-day EMA, with $89,230 being a critical level; a close below $84,330 would invalidate the setup. The article concludes that once the ultra-long holders cease their distribution, the delayed breakout could accelerate quickly.

(Source：BeInCrypto)