- Over 91% of Bitcoin holders are in profit despite Bitcoin price trading below $114K.
- Bitcoin price remains above its 200-day moving average of $99,279, signaling a long-term uptrend.
- $116K stands as key resistance; a breakout could trigger a potential rally toward $150K.
Bitcoin price is trading under pressure but remains above key technical levels. While it recently dipped below $114,000, more than 91% of holders remain in profit. This condition keeps selling pressure low as bulls aim to push the price past the $116,000 resistance level despite reduced trading volume and ongoing market uncertainty.
Bitcoin Price Struggles Below Resistance as Indicators Show Mixed Signals
According to TradingView, Bitcoin price is currently trading at $113,344, showing a 1.64% decline over the last 24 hours. The asset reached an intraday high of $115,789 before reversing slightly. On the 4-hour chart, BTC price appears to be consolidating after recent losses, while still holding above the 200-day moving average at $99,279, indicating a longer-term bullish trend.
The Average Directional Index (ADX) is at 38.91, reflecting strong trend strength, though without clear direction. The Moving Average Convergence Divergence (MACD) line is at -1131, still below the signal line at -1151, suggesting bearish momentum.
Source: TradingView
However, the narrowing histogram bars point to a potential crossover. The Awesome Oscillator remains in negative territory at -3,049, though shorter red bars may signal weakening bearish pressure.
The $116,000 resistance level remains a major focus. If Bitcoin price can close above it with strong volume, analysts suggest a possible move toward $150,000 in the medium term.
On-Chain Data Shows Most Holders Are Still in Profit
On-chain metrics from IntoTheBlock show that 91% of Bitcoin holders, or about 18.26 million BTC, are currently “In The Money.” These wallets are unlikely to sell unless prices fall much further, which provides a level of support to the current price range.
At the same time, about 1.41 million BTC, valued at around $159.83 billion, are “Out Of The Money.” These holders may sell if Bitcoin prices move lower, depending on their strategy. Another 252,980 BTC are considered “At The Money,” meaning they were bought at current price levels.
Bitcoin trading volume has dropped 21.79% to $67.56 billion. This shows caution among investors, who are waiting for a clear direction. The resistance at $116,000 remains the key level for bulls to reclaim.
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