Bitcoin price has regained momentum after a failed attempt to reach $95,000 earlier this cycle. BTC is making another push as investor behavior shifts and market conditions improve.
Unlike prior rallies, selling pressure appears lighter, increasing confidence that this move has stronger structural support.
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Bitcoin Holders Are Changing Their Stance
Investor sentiment has shown measurable improvement. Net Unrealized Profit and Loss has climbed from −10.2% to −7.8%. This change signals shrinking unrealized losses across the network and easing stress among holders.
NUPL remains within its historical statistical range, suggesting stabilization rather than exuberance. Such conditions often precede trend continuation rather than sharp reversals. Holders appear more willing to wait for further upside instead of exiting at small rebounds.
Reduced unrealized losses also limit forced selling. When fewer participants are underwater, panic-driven exits decline. This environment supports steadier price discovery as Bitcoin approaches key resistance zones.
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Long-term holder behavior shows that the distribution has slowed meaningfully. Net outflows from these wallets have rolled over from extreme levels seen during earlier corrections.
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This shift suggests the market is absorbing long-held supply more efficiently. As overhead supply thins, price requires less demand to move higher. Historically, such transitions have supported sustained advances rather than brief spikes.
Past cycles show that when the metric crosses into positive territory, accumulation tends to dominate. While Bitcoin has not fully reached that phase yet, current trends indicate progress toward it.
BTC Price Has Another Barrier To Breach
Bitcoin trades near $92,221 at the time of writing, holding above the $91,298 support level. Price is now targeting the $93,471 resistance. The main obstacle remains the descending uptrend line acting as overhead resistance.
This trend line has capped Bitcoin’s breakouts since mid-November 2025. It sits just below the $95,000 level. If BTC flips $93,471 into support and breaks above this line, a move toward $95,000 becomes likely. Improving sentiment and reduced distribution strengthen this scenario.
A failure remains possible. If Bitcoin again rejects at trend resistance, price could drift back toward $91,298. Continued weakness would expose $90,000 as the next test. A deeper pullback could push BTC to $89,241. Losing that level would invalidate the bullish thesis and extend losses toward $87,210.
Source: https://beincrypto.com/bitcoin-price-driven-by-losses-decline/