Bitcoin ends 2024 in a consolidation range at $94K. Despite strong selling pressure from long-term holders transferring their Bitcoin, buying demand remains impressive.

Analyzing the Sell-Side Risk Ratio, it is clear that selling pressure is high, but not critical. Coins older than 6 months are moving the most, averaging 50K-58K BTC per day, which is stable since November.

STH supply is 5.4M BTC, of ​​which 2M coins are in loss. Only 16% in unrealized loss, which is a calm indicator for a bull market with corrections.

Is a drop possible? Yes, if the losing coins get close to the STH cost base of $85K. MVRV is still in the caution zone (1.10), but there is room to lower, which will allow buying cheaper. Selling pressure continues, and with adjustments in institutions, selling may be needed to get 2025 off to a successful start!