Bitcoin's price is facing difficulties in maintaining its rally above the $100,000 resistance level, hinting at a potential short-term correction. Despite breaking above $100,000, Bitcoin struggles to surpass $108,000, facing rejection from the resistance zone. The short-term holder SOPR shows a rapid decline, indicating that most profit-taking by short-term holders has already occurred. This positive signal suggests a potential supply shrink that could propel Bitcoin's price higher in the coming weeks.
Bitcoin’s price is currently teasing with investors, as it is struggling to sustain its rally above the $100K resistance level and could even be on the verge of a short-term correction.
Looking at the 4-hour timeframe, things look a lot messier in the past few days. The price action has been extremely choppy after the bullish breakout from the $100K level and the falling wedge pattern. While Bitcoin is trading at all-time high prices, an interesting observation can be made by looking at the short-term holder SOPR. This metric measures the ratio of realized profits by investors who have held their BTC for less than 6 months.
BITCOIN PRICE CORRECTION RESISTANCE SHORT-TERM HOLDERS
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