Market data indicates approximately 70% of Bitcoin short-term holders are currently in profitable positions, signaling improved market stability. This positive sentiment is reinforced by reduced selling pressure, as spent volume from profitable wallets has cooled to 45%, suggesting a neutral market stance among traders.
However, Bitcoin faces a critical technical hurdle at the $116,900 resistance level. Analysts caution that failure to breach this threshold could trigger a downward move toward the $110,000 support zone. Contributing to potential headwinds are recent outflows from Bitcoin exchange-traded funds (ETFs), introducing mild sell-side pressure to the market.