Bitcoin is currently trading below the $100K mark, with no clear trend in sight. As the market struggles for direction, key on-chain data reveals an important trend among Bitcoin holders. Analyst Axel Adler highlights that since Bitcoin reached $28K, address activity has dropped into negative territory, indicating that the majority of BTC holders are in HODL mode.
This shift in behavior suggests that something has changed in this cycle compared to previous bull markets. With fewer coins being moved or sold, supply is tightening at a faster rate, potentially setting the stage for an eventual supply squeeze. If demand spikes again, Bitcoin could rapidly break out of its current range and enter price discovery.
The market now awaits confirmation of the next move, whether that’s a strong push back above $100K or a deeper correction into key demand levels. If bulls want to reclaim momentum, Bitcoin must break above the $100K resistance level and hold it as support. A decisive move above this mark, backed by strong buying pressure, could fuel a rally toward all-time highs.
On the downside, if Bitcoin loses the $96K level again, a deeper correction could follow. The next major demand zone sits around $90K, where strong buying interest could emerge. For now, Bitcoin’s price remains range-bound, and traders are closely watching for a breakout in either direction.
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Tags: Bitcoin, HODLing, Address Activity, On-Chain Data, Bitcoin Price, Market Analysis