We are seeing a redistribution of Bitcoin supply between long-term and short-term holders. Historically, this has often indicated a local market peak. Currently, demand from short-term holders is supporting the BTC price.

Analyzing the realized price of short-term holders, key support and resistance levels have been identified: $41k, $85k, $99k, $81k, $60k.

The STH SOPR ratio remains neutral at 1, indicating that selling BTC for short-term holders is currently not profitable. Selling pressure from long-term holders is well absorbed by short-term demand. However, a decrease in STH SOPR may slow down a rapid market recovery. A consolidation or correction is possible.