The price of Bitcoin has rebounded again after failing to reach $95,000 earlier in the cycle. BTC continues to attempt an upward move as investor behavior starts to shift and market conditions begin to improve
However, unlike previous upward adjustments, the selling pressure this time appears lighter, which boosts confidence that this move is supported by stronger fundamentals than before
Bitcoin holders are shifting their stance
Investor sentiment has shown a significant improvement, with Net Unrealized Profit and Loss rising from −10.2% to −7.8%. This change indicates a reduction in unrealized losses across the network and easing concerns among holders
NUPL remains within historical ranges, indicating greater stability than excitement. Such conditions typically lead to sustained trend movements rather than abrupt reversals. Coin holders appear more willing to wait for upward opportunities than sell during minor rebounds
Reduced unrealized losses also help reduce selling pressure driven by necessity. With fewer participants in losses, the incentive to sell to escape fear diminishes. This environment supports a stable price discovery process as Bitcoin approaches this round's key resistance
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Long-term holder behavior indicates a clear slowdown in coin distribution, as net outflows from these wallets have declined from their previous peak levels seen during the previous consolidation phase
This shift indicates that the market has become more effective at absorbing long-held supply. As supply above price diminishes, less demand is required for prices to rise. Looking back historically, this transitional phase has previously supported longer-term upward movements more than short-term spikes
Previous data suggests that once this metric enters positive territory, accumulation gains more weight. Although Bitcoin has not yet fully entered this phase, the current trend is steadily moving toward it
Bitcoin is trading near 92,221 USD as this article is written, still holding above the support level of 91,298 USD. The price is now targeting resistance at 93,471 USD. However, the key obstacle remains the downward-sloping uptrend line, which continues to act as a resistance from above
This trendline has constrained Bitcoin's breakout since mid-November 2025, remaining slightly below 95,000 USD. If BTC flips 93,471 USD into support and breaks above this line, the likelihood of reaching 95,000 USD increases significantly. Meanwhile, growing positive sentiment and reduced selling further strengthen this possibility
Nevertheless, failure remains possible if Bitcoin is rejected again at the trend resistance. Prices could then revert further toward 91,298 USD. If weakness persists, 90,000 USD becomes the next potential target. If the decline deepens, BTC could fall to 89,241 USD, and losing that level would invalidate the uptrend and extend losses toward 87,210 USD
