Bitcoin’s ‘profit wall’ is back — Can bulls punch through before the weekend?

Bitcoin Long-term holders approached a 350% profit, hinting at possible distribution pressure. Bullish momentum persisted as BTC climbed within an ascending channel toward the $100K mark. Bitcoin [BTC] approached a key psychological zone as long-term holder (LTH) profitability climbed toward the 350% mark—a level historically associated with increased sell-side pressure. This threshold aligns with a Bitcoin price near $99.9K, signaling a potential inflection point. At the time of writing, BTC traded at $96,256.73, down 0.35% intraday. As this zone approaches, the market may face intensified distribution from seasoned holders, demanding strong buyer presence to sustain momentum and clear the path toward six figures. Will Bitcoin’s ascending channel break out above $98K? BTC continues to respect its ascending channel pattern on the 4-hour chart, signaling sustained upward momentum. The price has recently reclaimed the $96.3K level, which now acts as a new support zone. Meanwhile, the $98K level has emerged as key resistance, where bulls may face challenges. However, the pattern also shows a potential bounce and higher highs, suggesting a breakout path toward $100K. Therefore, this short-term structure remains favorable for buyers if BTC holds its support and follows the projected arrow trajectory. Source: TradingView Are stronger hands accumulating while retail steps back? IntoTheBlock’s ownership metrics reveal a subtle yet meaningful shift in participant structure. Retail participation has slightly declined by 0.09%, while investor holdings increased by 1.4%, suggesting moderate accumulation by medium-term holders. Meanwhile, Whale Concentration has remained unchanged, highlighting a phase of consolidation. In effect, BTC appears to be rotating from smaller hands to more resolute investors—a redistribution phase that could fortify the long-term price structure. Source: IntoTheBlock Why does Derivatives data show hesitation? BTC’s Derivatives market has cooled off, reflecting cautious behavior among leveraged participants. Futures Volume dropped by 31.03%, and Options Volume fell by 25.82%, with a corresponding decline of 2.61% in Open Interest. Additionally, Options Open Interest shrank by 6.31%, suggesting trimmed expectations of aggressive price action. This decline in speculative momentum indicates traders are waiting for a clearer breakout above $98K before committing capital, which could reduce short-term volatility until confirmation. Source: CoinGlass Are on-chain and exchange metrics supporting a bullish bias? Multiple indicators point toward a favorable market environment. Notably, Large Transactions (+0.63%), Address Concentration (+0.89%), and In-The-Money Wallets (+0.76%) signaled strength. Meanwhile, exchange indicators such as Bid-Ask Volume Imbalance (+1.37%) and Smart Price Signals (+0.02%) lean bullish. Although Net Network Growth remains neutral, the broader data leans heavily toward buyer dominance. Therefore, the overall alignment across metrics strengthens the case for continued upward movement. Source: IntoTheBlock Can bulls conquer the $100K barrier? While LTH’s profitability near 350% may trigger distribution, the technical setup, investor accumulation, and favorable metric stack support bullish continuity. If buyers maintain the current support at $96.3K and reclaim the $98K resistance, the price may continue in a step-by-step advance toward $100K. Therefore, the market structure favors a gradual bullish continuation, mirroring the arrow trajectory drawn in the chart above. Share Share Tweet