After hitting an all-time high of US$111,800, Bitcoin corrected to the range of US$103,000 due to massive profit-taking by long-term investors. This correction is not just a regular pullback—it is the fifth wave of profit-taking in the current bull cycle, with daily realized profits exceeding US$1.47 billion. A crucial support zone has now formed at US$95,000–103,000, a previous large accumulation area that has now become the market's defense stronghold.
On-chain data shows the market is dominated by experienced investors, not speculators. If selling pressure is not matched by new demand, the risk of further correction increases. However, if support holds, the next resistance target is at US$114,800—a golden opportunity for breakout traders. The dominance of long-term holders signifies a more mature and structured market. It's time to monitor liquidity, volume, and psychological levels, as the next move could be a crucial momentum in this bullish cycle.
