📊 Update: Short-term Bitcoin holders have shifted from incurring losses to realizing profits. After several weeks of primarily selling at a loss (indicated by the purple line), the last 24 hours have registered the largest increase in profits observed throughout this period (represented by the green line) as prices continue to climb.$BTC $XRP $XMR
🔎$RENDER The price is still testing fibonacci support. I would like to see one more high at least to consider this a 5-wave pattern to the upside. Micro support remains defined between $1.77 and $2.17.
🔎BTC begins to face pressure. Earlier, STH (Short-Term Holders) reached their peak, transferring a total of 42,000 BTC to exchanges for profit-taking. We've mentioned several times recently that 98,000 is not only a key level on the weekly chart but also the most concentrated trading zone (POC) at the ultra-large scale and the average holding cost price for STH. Therefore, there will inevitably be selling pressure from break-even exits.
Sure enough, as BTC approached the 97,000–98,000 range, STH activity surged with massive outflows. Currently, Bitcoin is under pressure, marking the largest such pullback since the all-time high of 126,000 last December. However, the key point remains: from the market's lowest point last week to this past couple of days when it rebounded to near 98,000, we've repeatedly reminded everyone that if your original plan was to take partial profits here, you should have done so.
Earlier, we saw many who were extremely panicked before the recent rally, fearing a drop below 80,000 or even 70,000. Then, the price surged to 98,000, and they started eyeing 110,000 and new highs. Now, with the recent pullback, they're panicking again, thinking it's all over... Honestly, if this isn't chasing gains and cutting losses in panic, what else could it be?
98,000 is the most critical level. Let's first observe how the pressure is being absorbed. As long as it doesn't close below the recent key support levels we've discussed (~94,500), it's still within a very reasonable range. Or, you could say, given the significant selling pressure, the current performance is already quite strong. Besides, there's still the uncertainty and chaos caused by the Clarity Act adding to the mix. $BTC $BNB $FHE
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