We are witnessing the transfer of Bitcoin supply between long-term holders (LTH) and short-term holders (STH). History shows that when this happens, the market often reaches a local peak or even a cycle peak, depending on the stage and overall conditions.

Currently, demand from STHs is still supporting the price of Bitcoin. The actual price analysis of STHs during buying phases shows important support and resistance levels: $41k, $85k, $99k, $81k, $60k.

The current STH SOPR ratio is 1, indicating that selling BTC is no longer profitable for STHs. Selling pressure from LTHs has been well absorbed by buying pressure from STHs. However, the decline in STH SOPR may hinder immediate recovery. In the short term, a phase of adjustment or deeper accumulation may occur.