Bitcoin Struggles at $98K Amid Profit-Taking Risks
Key Takeaways
- Bitcoin (BTC) is approaching resistance at $97,914 USD.
- Whale activity is significantly declining – institutional support is lacking.
- 82% of BTC addresses are in profit – increasing risk of profit-taking.
- Technical indicators suggest uncertainty and a potential correction.
Resistance at $98,000: Bitcoin Struggles with the Next Hurdle
Bitcoin is currently trading at around $94,446 USD, slightly down from the previous day. The price trend shows a clear resistance at $97,914 USD. Several attempts to break through this level have failed. The Parabolic SAR technical indicator continues to show bearish signals. The MACD (Moving Average Convergence Divergence) is also flattening – a sign of weakening momentum.
Whale Accumulation Drops – Institutional Demand Missing
Net flows from large BTC holders (whales) have dropped by 99.86% over the past 90 days. This suggests a near-complete pause in accumulation by major investors. At the same time, exchanges continue to see net Bitcoin outflows – typically a bullish signal. However, without support from institutional buyers, this trend appears less convincing.
Profit-Taking on the Rise – Many Investors Sitting on Gains
Currently, 82.09% of all Bitcoin addresses are “in the money,” meaning they are in profit. During such phases, the likelihood of profit-taking increases. This can create additional selling pressure, especially when market uncertainty is present. The 21.88% rise in Net Realized Profit/Loss (NRPL) and the 13.19% increase in Supply-Adjusted Coin Days Destroyed (CDD) confirm this trend. Both metrics indicate that long-held coins are increasingly being moved – a typical sign of profit-taking by long-term investors.
Technical Uncertainty: No Clear Direction
Bitcoin is currently moving within a narrow price range below the resistance at $98,000 USD. Technical indicators are giving mixed signals. The MACD shows no clear momentum, and the Parabolic SAR continues to signal downward pressure. Without new buying impulses – especially from large addresses – BTC may correct toward lower support zones.
Our Assessment
Bitcoin is currently at a critical juncture. Despite stable prices, clear bullish signals are lacking. Low whale activity and the high number of profitable addresses increase the risk of short-term pullbacks. From a technical perspective, there is insufficient buying power to sustainably break through the $98,000 USD resistance. Unless new demand – particularly from institutional investors – emerges, a correction is more likely than a breakout.
Sources
- IntoTheBlock
- CryptoQuant
- TradingView
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | 99576 |
| 24h % | 2.61 % |
| 7d % | 3.52 % |
| 30d % | 24.69 % |
| 60d % | 17.10 % |
| 1y % | 60.01 % |
| Market Cap | $1,977,698,709,468.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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