Bitcoin's price has regained direction after the previous attempt to reach $95,000 failed in this cycle. BTC is making a new upward move as investor behavior shifts and market conditions improve.
Unlike previous price ranges, selling pressure appears lighter, which increases confidence that this move has stronger structural support.
Bitcoin holders are shifting their stance
Investor sentiment has clearly improved. Net Unrealized Profit and Loss has risen from -10.2% to -7.8%. This change suggests that unrealized losses across the network are decreasing and holder stress is easing.
NUPL remains within its historical range, indicating stable development without excessive euphoria. Such conditions often precede continued trends rather than sudden reversals. Holders appear more willing to wait for larger gains instead of selling during minor retracements.
Smaller unrealized losses also reduce forced selling. When fewer investors are in the red, panic selling decreases. This market condition supports a more stable price formation as Bitcoin approaches key resistance levels.
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Long-term holders' behavior indicates that distribution has significantly slowed down. Net outflows from these wallets have stabilized at lower levels compared to the previous correction phases.
This shift suggests that markets are better able to absorb long-held supply more efficiently. As downward selling pressure diminishes, less demand is needed to push prices higher. Historically, such transitions have especially supported more sustained rallies rather than short-lived spikes.
Previous cycles show that once the indicator turns positive, accumulation begins to dominate. Although Bitcoin has not yet fully reached this phase, current trends point toward progress in that direction.
Bitcoin is trading near $92,221 at the time of writing and remains above the $91,298 support level. The price is now targeting the $93,471 resistance. The biggest obstacle remains the descending trendline, which acts as a resistance above.
This trendline has been capping Bitcoin's upward attempts since mid-November 2025. It sits slightly below the $95,000 level. If BTC turns the $93,471 support to its advantage and rises above this trendline, it is likely that the move will continue toward $95,000. A strengthening sentiment and declining distribution reinforce this scenario.
Failure remains possible. If Bitcoin is rejected again at the trend resistance level, the price could drop back toward $91,298. If the decline continues, the next test is $90,000. A deeper drop could push BTC down to $89,241. If that level is lost, the bull scenario is invalidated and losses could deepen toward $87,210.
