The Bitcoin price has gained new momentum after previously failing to reach $95,000 during this cycle. Now, BTC is trying again as investor behavior changes and the market improves.
This time, the selling pressure appears to be less than before, which increases confidence and gives the movement stronger support.
Bitcoin holders are changing their mindset
Investors' sentiments have clearly improved. The net difference between unrealized profit and loss has risen from -10.2% to -7.8%. This shows that unrealized losses are decreasing within the network and the pressure on holders is reducing.
NUPL remains within its historical range, indicating that the market has stabilized rather than becoming overly optimistic. Such conditions often lead to the trend continuing rather than reversing. Holders appear to be waiting for higher levels instead of selling on small gains.
Reduced unrealized losses also lower the risk of forced selling. As fewer holders are in the red, panic-driven selling decreases. This allows the price to find new levels as Bitcoin approaches key resistance zones.
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The behavior of long-term holders shows that the selling rate has decreased noticeably. Net outflows from these wallets have declined from the high levels seen during previous downturns.
This shift suggests the market is now more receptive to older coins. As supply decreases at higher levels, less buying pressure is needed for prices to rise. Historically, such transitions tend to lead to stronger price increases rather than temporary spikes.
Previous cycles show that when this indicator moves above zero, buying interest takes over. Although Bitcoin has not yet reached this stage, current trends point toward it.
Bitcoin is trading near $92,221 as this text is written and remains above the support level of $91,298. The price is now targeting resistance at $93,471. The main obstacle is the downward-sloping trendline, which is currently acting as resistance.
This trendline has been holding back Bitcoin's breakout since mid-November 2025. It lies just below the $95,000 level. If BTC manages to turn $93,471 into a support level and breaks above this line, a move toward $95,000 is likely. Improved sentiment and reduced selling strengthen this scenario.
There is still a risk of a downturn. If Bitcoin is pushed back down at the trend resistance, the price could fall back to $91,298. If weakness persists, $90,000 will be the next level to test. A larger drop could push BTC down to $89,241. If that level is also lost, the decline could extend all the way down to $87,210, which would break the positive trend.
