After months of quiet persistence, long-term holders have finally begun to cut back their positions—meanwhile, short-term traders are riding the profit wave triggered by Bitcoin's [BTC] surge.
As Bitcoin's price far exceeds the $100,000 mark, market momentum is undeniable. LTH spending is rising, and STH SOPR remains above 1, indicating overall market sentiment is bullish. However, the growing profit-taking may soon test the market's resilience.
Early signs of distribution
After a period of steady accumulation, LTH supply has risen from 13.66 million BTC in mid-March to a peak of 14.29 million BTC, but this trend has quietly reversed.
In May, long-term holder (LTH) supply has declined for two consecutive times, while LTH spending has risen significantly to 0.43.
These subtle changes often herald an impending local top, as seasoned holders begin to take profits ahead of broader market trends.
With Bitcoin's current trading price exceeding $100,000, these turning points are worth close attention.
STHs return to profit
Since May 8, as Bitcoin surged above $99,000, STHs have re-entered the profit zone. Their SOPR continues to stay above 1, indicating that recent sellers are locking in profits.
This is a key indicator of bullish momentum: when STHs are in profit, they are less likely to panic sell and are more inclined to follow the trend.
As SOPR climbs to 1.03, potential selling pressure is increasing—but so far, there are hardly any signs of aggressive selling. On the contrary, market sentiment suggests the market is still recovering.
Price momentum is cooling, but the momentum remains.
As of the time of writing, Bitcoin's trading price is $102,706, down 0.83% for the day—slightly retreating after recently breaking through $103,000. The Relative Strength Index (RSI) is 66.47, close to the overbought zone, but no reversal warning signals have yet appeared.
Meanwhile, OBV has flattened after a strong upward trend in April, suggesting that buyer confidence is waning, but not completely exhausted.
Although the daily chart shows consolidation, the overall structure remains bullish.
As long as BTC maintains above the psychological support level of $100,000, the path of least resistance will remain upward—though further increases may require new buying volume.