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Key Takeaways:<\/strong><\/p>\n Bitcoin short-term holders are back in profit, increasing chances for a rally to $100,000.<\/p>\n<\/li>\n Long-term holders added 363,000 BTC since February, with new buyers injecting capital in April.<\/p>\n<\/li>\n Bitcoin sell pressure risk exists at $97,000, where 392,000 BTC could be sold. <\/p>\n<\/li>\n<\/ul>\n Bitcoin’s (BTC)<\/a> surge above $91,700 on April 22 pushed its value<\/a> above the short-term realized price or cost basis. This implies that a majority of short-term holders (STHs)<\/a> are currently back in profit.<\/p>\n STHs returning to profit after unrealized losses signal a bullish outlook, paving the way for a potential $100,000 retest.<\/p>\n Historically, during the early phase of a rally, STHs in profit provided upward momentum by holding firm and drawing in new investors. Bitcoin’s supply mapping indicated “strong activity” in April from first-time buyers, indicating fresh capital injections in the market at higher prices. <\/p>\n Long-term holders (those holding for more than 155 days) increased their allocation<\/a> by 363,000 BTC since February, while Bitcoin whales and sharks have absorbe<\/a>d 300% of the yearly issuance. <\/p>\n Despite this week’s price breakout, Bitcoin researcher Axel Adler Jr. noted<\/a> that the last strong resistance remains at $96,100. In an X post, the analyst said, <\/p>\n “At the $96K level, there will be the final resistance from the cohort holding coins for 3-6 months, after which the next target of $100K opens up.”<\/p><\/blockquote>\n Related: Why is Bitcoin price up today?<\/strong><\/em><\/a><\/p>\n According to Bitcoin’s cost basis distribution data, investors hold approximately 392,000 BTC at an average cost basis of $97,000, creating a potential resistance zone. This concentration suggests many investors may sell at break-even, potentially stalling Bitcoin’s upward momentum.<\/p>\n However, anonymous trader Ezy Bitcoin emphasized<\/a> Bitcoin’s price action in the Wyckoff reaccumulation phase is “playing out beautifully”. The chart indicated continued strength, with three price targets: $131,500 (target 1), $144,900 (target 2), and $166,700 (target 3). <\/p>\n This Wyckoff pattern points to possible accumulation by large players, signaling an upward trend for Bitcoin, as the market absorbs supply and prepares for an uptrend.<\/p>\n\n
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392,000 Bitcoin at $97K could trigger a sell-off<\/h2>\n