Bitcoin Holds Strong at $111K: 91% of Supply Still in Profit

Bitcoin ($BTC) continues to demonstrate remarkable strength, even as its price consolidates near the $111K level. Despite recent corrections and heavy selling activity, an impressive 91% of Bitcoin’s circulating supply remains in profit, highlighting a level of resilience rarely seen in previous market cycles.

📊 Market Context

Unlike the cycle lows of 2015 and 2018—when nearly half of Bitcoin’s supply was in loss—the current retracement looks far less damaging. With only 9% of supply underwater, the data reflects strong conviction among holders and reduced realized losses. This suggests that the recent dip is more of a healthy reset than a bearish breakdown.

⚡ Sell-Side Pressure Dominates

Spot Taker CVD data reveals consistent sell pressure from market takers over the last 90 days. Many short-term traders are trimming positions after BTC’s surge toward $110K, aiming to secure profits ahead of volatility. However, compared to previous drawdowns, the selling impact appears limited—further reinforcing the market’s underlying strength.

📉 NVT Golden Cross Signals Caution

The NVT Golden Cross, a key metric that measures transaction activity versus market value, has dropped 12.5%. Historically, such declines indicate weakened demand and often align with short-term tops or consolidation phases. Still, the pullback is modest compared to past bear cycles, meaning Bitcoin’s fundamentals remain intact despite slower network efficiency.

🔥 Liquidation Heatmap Shows Risk Zone

Data from Binance highlights large liquidation clusters near $111K, with heavy long positions vulnerable to cascading liquidations if price dips further. At the same time, a buildup of short positions above the current price creates the potential for a short squeeze rally if BTC rebounds sharply. This sets up a high-volatility zone where either bulls or bears could be caught off guard.

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