Bitcoin is holding in the $94K range by the end of 2024. While selling pressure from long-term holders remains strong, the buying pressure to sustain this level for the next few days is notable.

The Sell-Side Risk Ratio shows that selling pressure is high but not extreme. To understand better, we need to look at the short term when coins over 6 months move the most, averaging ~50K to 58K BTC/day, stable since November. STH supply is 5.4M BTC, currently about 2M coins are in the red, only 16% are unrealized losses, a pretty good number for a corrected bull market.

Can the price drop further? Maybe! Losers are close to the STH cost basis at $85K, a target to overcome. MVRV is still at the short-term warning level (1.10), which could drop further, creating an opportunity to buy at a lower price. Selling pressure continues and may need to sell to start 2025 strong!