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Bitcoin Price Analysis: BTC Seems Ready to Challenge $100K Again After Bottoming at $91K

Technical Analysis

The Daily Chart
On the daily chart, the asset has been struggling to climb back above the $100K resistance level after dropping below it earlier in December. Yet, the price has been supported from the $92K support level several times, which could indicate that the market is making a bottom to rally toward a new high above the $100K resistance level. In this case, the $110K mark could be the next potential target for the largest cryptocurrency.

On-Chain Analysis

Short-Term Holder SOPR
While Bitcoin’s price has been consolidating around the $100K level, investors have debated whether the bull run is over. This uncertainty can be observed by looking at holders’ behavior during the recent week.

This chart presents the short-term holder SOPR metric, which measures the ratio of profits realized by short-term holders. As the chart shows, the STH SOPR has been on a decline after a rapid rise during the market’s last rally. This indicates that a wave of profit realization has occurred recently, as Bitcoin hit the key $100K level.

The resulting selling pressure by short-term holders has probably been one of the primary reasons Bitcoin failed to continue its rally higher. Yet, as the price is still holding above the $90K mark, it is evident that there is still sufficient demand to hold the market and even push it higher in the coming weeks.