Bitcoin Must Reclaim $98,000 to Escape Short-Term Bearish Pressure
Bitcoin needs to reclaim $98,000 to overcome short-term bearish pressure indicated by short-term holder losses and technical patterns.Summary
Bitcoin is currently under short-term bearish pressure, evidenced by the Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) showing newer investors are underwater since November 2025. For Bitcoin to transition into a sustained uptrend, it must reclaim and hold the $98,000 level, which represents the short-term holder cost basis; failure to do so keeps newer holders cautious and caps upside rallies.
On-chain data also shows a cooling phase, with Hot Capital Share declining, suggesting older, more patient capital is gaining influence while long-term holders continue to accumulate, providing structural support. Technically, Bitcoin is forming a slanted double top pattern, which signals potential bearish continuation, though long-term holder support mitigates the risk of a sharp sell-off.
BTC is currently holding above the 38.2% Fibonacci retracement at $90,914. If this support holds, a recovery toward $94,000 could weaken the bearish pattern. However, if BTC decisively breaks below $90,000, a deeper correction targeting $86,558 is possible, especially amid geopolitical uncertainty mentioned by experts like Nic Puckrin.
(Source：BeInCrypto)