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Bitcoin is currently trading just below its all-time high of $112,000, stuck in a tight range as both bulls and bears struggle to take control. While buyers have demonstrated strength by consistently defending key support levels, they have yet to muster the momentum necessary to break into price discovery. On the other hand, sellers have failed to force a deeper correction, showcasing the market’s resilience.
Analysts remain cautiously optimistic, with many leaning bullish amid improving macroeconomic conditions and risk-on sentiment in traditional markets. The recent strength in US equities has spilled over into crypto, providing BTC with a tailwind; however, it is not sufficient to trigger a decisive breakout.
On-chain data offers further insight into this pivotal moment. According to recent reports from CryptoQuant, the 30-day percentile of the Unrealized Profit/Loss (P/L) Ratio currently stands at an extraordinary 80%. This metric indicates that an overwhelming majority of BTC holders are sitting on profits; yet, we remain below the historically extreme 90–100% zone associated with major selling pressure.
This suggests that Bitcoin still has room to rally before holders begin aggressively taking profits.
Source: bitcoinist.com
