Bitcoin reached an unprecedented peak of $123,091 on July 13 before undergoing a correction, declining by approximately 3.52%. This pullback is partially attributed to profit-taking activities among short-term traders.
Despite the recent dip to around $114,450, long-term holders demonstrate significant conviction. Those holding Bitcoin for more than 155 days exhibit strong confidence as indicated by a Net Unrealized Profit (NUPL) consistently above the critical threshold of 0.5. This sustained profitability signal among long-term holders provides substantial support for Bitcoin, acting as a strong foundation around the $104,000 price level and helping to stabilize the market against sharper declines.
Trading activity has cooled slightly, with a 14.98% reduction in trading volume bringing the figure to approximately $48.43 billion. Concurrently, continued buying interest from institutional investors signals a robust institutional belief in Bitcoin’s long-term growth trajectory.
Analysts interpret the combination of sustained unrealized profits among long-term holders and persistent institutional investment as strong indicators of underlying market stability and the potential for further price appreciation.