Bitcoin's price floor just got a steel reinforcement at $98,000, and investors aren't budging.
Market data reveals an unprecedented hodling pattern as BTC whales and retail alike refuse to sell at current levels. Glassnode's latest chain analysis shows exchange outflows spiking while long-term holder supply hits new all-time highs.
The $98K support level has become crypto's new psychological battleground. Every test of this zone sees aggressive buying pressure emerge – as if Wall Street's short sellers keep forgetting this isn't their grandfather's commodity market.
With spot ETF volumes plateauing and leverage getting flushed out, this might just be the healthiest consolidation Bitcoin's seen since its last halving. Or as traders call it: 'the calm before the institutional FOMO.'
Funny how 'sound money' suddenly gets very quiet when it's appreciating 150% year-over-year while fiat currencies race to the bottom.
Bitcoin Investors Up 125% on Average
The average investor is sitting on a paper gain of 125%. Yet despite these significant profits, selling activity has slowed dramatically, with investors preferring to HODL rather than cash out at current price levels.
“Despite this surge in profitability, investor behavior signals a strong preference for HODLing, as the current price range appears insufficient to trigger significant profit-taking,” Glassnode said in its report.
Metrics such as realized profits and new highs in long-term holder supply further indicate that holders are content to wait for higher prices.
The analytics firm highlighted that after a burst of selling around Bitcoin’s May all-time high, short-term holders have backed off, signaling they believe the market has room to MOVE higher.
Glassnode concluded that a price shift, either above current highs or significantly lower, may be necessary to unlock more supply.
The Futures tab adds derivatives context.
Volume, open interest, funding rates, and liquidations in one view.
Helps you understand positioning and market expectations. pic.twitter.com/jakRiTfi2G
At press time, Bitcoin is trading around $106,170, just 5.5% below its record of $111,970 reached on May 22.
The strong monthly close in June above $107,000 has fueled expectations for another leg up.
Still, some analysts caution that selling by long-term holders could be capping Bitcoin’s momentum.
Charles Edwards of Capriole Investments said persistent unloading by these investors since January’s spot ETF launches has weighed on the price, keeping BTC stuck NEAR the $100,000 level despite strong institutional interest.
Bitcoin Rally Stalls as Profit-Taking Rises
As reported, Bitfinex strategists have said that Bitcoin’s surge from $73,000 to over $107,000 since April appears to be stalling amid fading momentum and increased profit-taking by investors who bought under $80,000.
The analysts noted a slowdown in spot volumes and weaker buy pressure, signaling a potential consolidation phase or local top.
Bitfinex experts said Bitcoin’s next significant move will depend on macro factors, especially the Federal Reserve’s interest rate decisions, and ongoing institutional demand driven by US spot Bitcoin ETF inflows.
Those ETFs have pulled in $4.63 billion since June 9, with expectations for positive flows to continue.
Despite near-term caution, analysts stressed that Bitcoin’s higher time frame structure remains intact, with key support levels holding firm.
For one, economist Donald Dean suggested Bitcoin is primed for a breakout following tight consolidation near recent highs.
$BTCUSD $BTC Bitcoin – Getting Ready to Move
Price Target: $130,981
Bitcoin is getting ready to move higher with tight consolidation at the volume shelf. Also, Cup and Handle.
Next target is at the Golden Ratio $130k. pic.twitter.com/XrEA4eeH5b
