Source: Cointelegraph Original: 《{title}》
Key Points
On April 22, Bitcoin surpassed $91,700, reaching the short-term realization price (average cost line for holders), which means that most short-term holders (STH) have realized paper profits.
The STH group that has returned to profitability after experiencing unrealized losses is sending bullish signals, paving the way for prices to test the $100,000 mark again.
On-chain cost distribution of short-term Bitcoin holders. Data source: Glassnode.
Historical patterns show that in the early stages of a bull market, STHs that profit create upward momentum through holding coins and attracting new investors. The on-chain supply chart for April indicates that first-time buyers are “strongly active,” suggesting that new funds continue to enter at high price levels.
Long-term holders (holding coins for more than 155 days) increased their holdings by 363,000 BTC since February, with whale accounts absorbing 300% of the annual issuance.
Bitcoin researcher Axel Adler Jr. pointed out that $96,100 remains the last strong resistance level. The analyst stated on the X platform:
“The $96,000 level will face final selling pressure from the holding group for 3-6 months, and after breaking through, the $100,000 target will be opened.”
If 392,000 bitcoins are sold at a price of $97,000, it may trigger a market crash.
On-chain cost distribution data shows that the average holding cost of approximately 392,000 BTC is $97,000, forming a potential resistance zone. This dense holding area could trigger mass profit-taking sell-offs, hindering price upward movement.
Anonymous trader Ezy Bitcoin emphasized that the price of Bitcoin is “perfectly demonstrating” the re-accumulation phase of Wyckoff. The chart shows three target price levels: $131,500 (first target), $144,900 (second target), and $166,700 (third target).
This pattern suggests that large funds have completed their accumulation, and after the market digests the selling pressure, an upward trend may begin.
This article does not contain investment advice. All investment activities carry risks, and readers must conduct their own research before making decisions.
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