Bitcoin Nears Breakout as Holders Exit and Short-Term Profits Rise

Beincrypto reports Bitcoin has staged a steady recovery and was trading near $95,372 at the time of writing, bringing the asset close to a potential breakout zone around $98,000.

On-chain data showed a net drop of -47,244 holders, "indicating that retail had been dropping out due to FUD & impatience," Santiment said, even as exchange balances fell to a seven-month low near 1.18 million BTC. The Market Value to Realized Value Long/Short Difference also shows short-term holders regaining profitability dominance, with short-term profits at their highest levels since January 2023.

Technically, Bitcoin is moving within an ascending broadening wedge; a confirmed breakout would require reclaiming $98,000 and retesting it as support, while holding above the $95,000 psychological level would likely encourage buyers to challenge $98,000 again and could open a path toward $100,000.

A bearish alternative remains possible: if momentum fades and short-term holders begin booking profits, Bitcoin could lose the $95,000 support and move toward $93,471 or lower, a breakdown that would invalidate the bullish thesis; so far there is no clear evidence of aggressive distribution.

Key Topics

Crypto, Bitcoin, Santiment, Exchange Balances, Short-term Profits, Realized Value