The price of Bitcoin (BTC) remains close to $104,000 as investors mature into long-term holders, reducing selling pressure. The bearish sentiment among investors signals fear-driven buying, which could drive a rally towards $110,000. Bitcoin must break the resistance of $106,265 to confirm momentum towards $110,000; failure risks a drop to $100,000.
Despite the stagnation, historical trends in investor behavior suggest that a rally could still be on the horizon, challenging expectations based solely on price.
The net unrealized profit/loss (NUPL) of long-term holders (LTH) indicates that investors who bought Bitcoin in December 2024 are maturing into LTH, which requires a holding period of 155 days. This is positive for Bitcoin because maturing buyers often hold tokens longer, reducing impulsive selling pressure. As more investors become LTH, BTC tends to remain in strong hands, building resilience against price drops. This behavior could support the stability of Bitcoin's price and potentially boost gains as the market matures and short-term volatility decreases.
Bitcoin is currently trading at $103,885, moving sideways within a range between $105,000 and $102,734. To reach $110,000, Bitcoin needs a rally of almost 6%, which is achievable given the recent momentum.
Last week, BTC increased by 11% in just five days, showing strong potential for upward movement. Key resistance after $105,000 is at $106,265. Successfully converting this level into support would likely confirm a push towards $110,000 and possibly a new all-time high.