Bitcoin ($BTC ) has been making headlines again, climbing 3% in the last 24 hours to hit a monthly high of $97,822. 🚀 After trading below the $95,000 mark for over a week, the flagship cryptocurrency has started showing signs of recovery. As of now, BTC is holding steady at $97,029, according to CryptoSlate data.

But what’s fueling this movement? Let’s dive into the details.

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Old Whales Realizing Profits 🐋

Despite this recovery, old Bitcoin whales have been selling off their holdings, creating significant sell pressure. Ki Young Ju, CEO of CryptoQuant, noted that over-the-counter (OTC) trading desks are seeing high activity, coupled with a rise in exchange deposits. These patterns often indicate short-term price dips.

However, Ki remains optimistic:

> “Buying pressure is mainly from U.S. institutions on Coinbase, but daily premium is at a 2-year low. Needs recovery for the next leg up.”

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BTC’s Price Journey 📈

Bitcoin reached an all-time high of $108,000 on December 17. However, a retracement phase began shortly after, taking the price down to $91,816.86 by December 30. Since then, BTC has been gradually inching back toward the $100,000 zone.

Crypto analyst Rekt Capital anticipated this movement. He explained that Bitcoin typically retraces 7–9 weeks after entering a price discovery phase. With the ninth week nearing its end, he expects BTC to regain its upward momentum soon:

> “BTC is offering more confirmation for additional downside than reasons to be bullish for the moment. Once Bitcoin clears its historically corrective Weeks 7, 8 & 9 in Price Discovery – the opposite will be true.”

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Cooling Off Before the Next Run? ❄️

CryptoQuant analyst Avocado_onchain believes the current correction is a cooling-off period in the broader bull run. Based on on-chain data, he reassured investors that a six-month correction is unlikely.

Here’s why:

1. SOPR Trending Down:
The 7-day SMA of the Adjusted SOPR remains above 1, indicating profits are decreasing. Historically, when SOPR drops below 1, Bitcoin often rebounds as selling at a loss triggers reversals.

2. Miners Are Holding:
The Miner Position Index (MPI) shows miners aren’t making large transfers to exchanges. This holding pattern suggests confidence in the long-term trend despite occasional sell-offs for operational expenses.

3. Derivatives Market Insight:
Funding rates for BTC derivatives have decreased. Historically, BTC has rebounded from sharp drops in this indicator. If funding rates continue declining, a rebound could follow, especially with bearish sentiment in the market.

4. Network Fees Decline:
Total network fees, measured by their 7-day SMA, have dropped, signaling reduced activity. This suggests the market is cooling off from the rush to its recent all-time high.

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Final Thoughts 🤔

The on-chain data suggests that Bitcoin’s macro bull trend is still intact. However, short-term price movements remain unpredictable.

As we move closer to breaking the $100,000 barrier, patience and caution are key. This cooling-off phase might just be the calm before another explosive rally. 🔥

Let’s see what Bitcoin has in store for us next! 🌟
$BTC
#bitcoin #CryptoNewss #CryptoBullRun #BTCRecoveredTo97K #BTC

2024: $PiCoin could rise 228% to reach $126.94 by July 2024 (CoinCodex).
2025: Optimistic projections place it at $182.85.
2030: Predicted value around $158.18.
These estimates depend on Pi’s mainnet success, adoption, and real-world utility. While the potential is there, crypto investments remain highly speculative. Proceed with caution!