Analysis of Bitcoin Price: A Rise to $87,000 as BTC Owners Decline to Sell

Bitcoin has seen a bullish rebound after finding strong support at the key $75K-$80K range, which historically acts as a psychological and technical floor. However, the 200-day moving average at $87K now serves as a critical resistance zone, possibly capping the price in the short term.

Thus, Bitcoin may keep consolidating within the $75K-$87K range until a decisive breakout. Lower timeframes show Bitcoin found strong support at the midline of the descending channel, leading to an impulsive surge. On-chain analysis shows a rising share of coins held by the 3-6 months and 6-12 months cohorts, indicating a "hodling" trend.

This trend, alongside shrinking circulating supply and renewed demand, could potentially catalyze strong price rallies, making the current drawdown more likely a healthy correction within a broader bullish cycle.