Bitcoin Approaches $98,000 as Holder Behavior Signals a Critical Test
Bitcoin nears a $98,000 breakout, but rising short-term holder profits present a potential risk to the advance.Summary
Bitcoin has recovered to near $97,500, signaling cautious optimism, though on-chain data shows retail holders exiting while exchange balances hit a seven-month low, suggesting reduced selling pressure.
Macro indicators reveal that short-term holders are regaining profitability dominance, reaching levels not seen since January 2023. While this indicates improving demand, these holders are historically more likely to sell, posing a risk to sustained gains.
Technically, Bitcoin is in an ascending broadening wedge, requiring a confirmed breakout above $98,000 and retesting it as support to target the $100,000 milestone. Failure to hold the critical $95,000 level could lead to a drop toward $93,471, invalidating the current bullish structure.
(Source：BeInCrypto)