Bitcoin reached a price above $109,000 but has now stabilized slightly above $100,000. Long-term holders have started to sell, while market activity continues to grow.
Long-term Holders Begin to Sell
After the correction period from March 2024, long-term Bitcoin holders are beginning to sell at prices above $100,000. This pattern was noted during the previous 2021 bull run. Meanwhile, short-term holders continue to take profits more frequently, as seen in SOPR (Spent Output Profit Ratio) data, where the ratio surpassed 1.02 several times, indicating profitable sales.
Crucial Support Level Identified
Analyst Ali identified $97,530 as a key support level essential for the current bullish momentum. Glassnode data confirmed that this price corresponds to high activity levels. If Bitcoin falls below this level, it may decline to $93,856 or $90,000, which remain areas of strong historical activity.
Trading and Derivatives Activity
Bitcoin's trading volume surged by 73.27% to $172.56 billion, while Open Interest increased by 1.19% to $68.52 billion. Options trading also saw a rise with a 74.28% increase in volume to $6.61 billion and Open Interest growing by 3.95% to $40.62 billion. Declining funding rates indicate reduced leverage in the derivatives market, reflecting cautious sentiment among traders.
Bitcoin continues to consolidate above $100,000, allowing analysts to closely monitor developments as the activity among long-term and short-term holders evolves.
