Bitcoin is hovering near $103,000 following an aggressive multi-week rally, as the market eyes a potential breakout above its $109,000 all-time high.
After slicing through major resistance levels at $90K and $100K, the top cryptocurrency now enters a pivotal zone where bulls and bears are locked in a battle for short-term dominance.
While the recent price surge reignited optimism, Bitcoin has met resistance near $105,000 and is now consolidating between $100K and $101K. This support zone has so far held firm, with dip buyers stepping in, but whether BTC can sustain its current level and mount a new push higher remains to be seen.
On-chain data from CryptoQuant reveals that short-term holders (STH) re-entered profit territory when Bitcoin reclaimed $99K on May 8. Since then, the STH Spent Output Profit Ratio (SOPR) has remained above 1, a signal that these participants are selling at a profit—typically a sign of growing market confidence.
However, analysts caution that as SOPR approaches 1.03, the risk of increased profit-taking rises. While some selling is expected, the trend so far appears healthy, with restrained activity among holders and no signs of panic.
CryptoQuant contributor Darkfost notes the market is “just getting warmed up,” suggesting further upside may be possible if BTC can defend its current range and push for a new high.
💫 Since May 8th, STH have finally moved back into profit territory as $BTC crossed above $99 000.
⁰Their SOPR (Spent Output Profit Ratio) has been above 1 since that date, indicating that they are selling at a profit.💡— It’s important to understand that short-term holders… pic.twitter.com/jr3cY2hvJx
— Darkfost (@Darkfost_Coc) May 14, 2025
With the altcoin market also gaining traction, Bitcoin’s next move could set the tone for the broader crypto space in the weeks ahead.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/bitcoin-eyes-record-high-as-short-term-holders-fuel-the-rally/