Bitcoin's price has recovered momentum after a failed attempt to reach $95,000 earlier in this cycle. BTC is making a new attempt as investor behavior shifts and market conditions improve.
In contrast to previous instances, the selling pressure now feels lighter, which increases confidence that this move has stronger structural support.
Bitcoin investors are changing their outlook
Investor sentiment has shown a noticeable improvement. Net Unrealized Profit and Loss has risen from -10.2% to -7.8%. This change signals decreasing unrealized losses across the network and reduces stress among holders.
NUPL remains within its historical statistical range, indicating stabilization rather than euphoria. Such conditions often precede trend continuations rather than abrupt reversals. Holders now appear more willing to wait for further upside rather than taking small profits on minor rallies.
Reduced unrealized losses also limit forced selling. As fewer participants are in the red, panic-driven exits decrease. This creates a more stable environment for price discovery as Bitcoin approaches key resistance zones.
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Long-term holders' behavior indicates that distribution has significantly declined. Net outflows from these wallets have calmed from extreme levels seen during previous corrections.
This shift suggests the market is absorbing long-term holdings more effectively. As the upcoming supply diminishes, less demand is required for prices to rise. Historically, such transitions have supported sustained rallies rather than short-lived peaks.
Previous cycles show that when this metric moves into positive territory, accumulation dominates. Although Bitcoin has not yet fully reached this phase, current trends point toward further gains.
Bitcoin is trading near $92,221 at the time of writing, and remains above the support level of $91,298. The price is now targeting resistance at $93,471. The main obstacle remains the descending trendline acting as resistance.
This trendline has contained Bitcoin's breakout since mid-November 2025. It lies just below the $95,000 level. If BTC turns $93,471 into a support level and breaks above this line, a move toward $95,000 becomes likely. Improved sentiment and reduced distribution strengthen this scenario.
A pullback remains possible. If Bitcoin faces rejection again at the trend resistance, the price could drive back toward $91,298. If weakness persists, $90,000 will be the next test level. A deeper decline could send BTC toward $89,241. If this level breaks, it would invalidate the bullish scenario and extend losses down toward $87,210.
