Bitcoin Battles to Hold $108K as Long-Term Holders Intensify Selling Pressure
Bitcoin (BTC) continued its downward slide this week, dipping beneath the crucial $110,000 mark as investor confidence faltered amid weakening market sentiment. The world’s largest cryptocurrency now faces a pivotal test of resilience, with mounting sell pressure from seasoned holders complicating its recovery path.
Long-Term Holders Tighten the Grip
Data from the Cost Basis Distribution Heatmap shows that Bitcoin’s price rebounded briefly from near $116,000 before slipping back to $113,000 — mirroring earlier post-ATH corrections seen in mid-2024 and early 2025. Each rebound attempt has faced immediate selling pressure, particularly from long-term holders (LTHs) seizing profit opportunities.
This consistent wave of supply has created a firm ceiling between $113,000 and $115,000, capping any upward breakout attempts. Analysts note that many of these LTHs are de-risking positions accumulated during previous highs, adding friction to Bitcoin’s price trajectory.
Meanwhile, the Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) index points to a fragile equilibrium — the market has not yet capitulated, but optimism is fading fast. Without renewed accumulation or inflows, Bitcoin risks slipping into an extended consolidation phase similar to prior post-rally cooldowns.
Key Levels Define the Road Ahead
At press time, Bitcoin trades at $108,590, hovering just above a critical $108,000 support zone. Two failed breakouts above $115,000 this month underscore the struggle for momentum, as bearish forces continue to outweigh buying demand.
If BTC fails to maintain stability above $105,000, further corrections could unfold. Conversely, reclaiming $110,000 as a support base and breaking past $115,000 could reignite bullish momentum, paving the way for a potential retest of $117,261.
For now, market sentiment remains cautious. As long-term holders offload and speculative traders await clearer signals, Bitcoin’s climb back toward stability may require more patience — and conviction — than before.