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Bitcoin struggles to break the $98.7k resistance, with declining whale activity and a potential midterm correction looming, according to analysts.

On-chain data shows long-term Bitcoin holders reducing balances, while institutional FOMO continues to drive a decrease in Bitcoin supply on centralized exchanges.

Bitcoin’s (BTC) price has failed to rally beyond the crucial threshold of around $98.7k in the past three weeks, signaling potential midterm correction. The $100k crusade could have to wait a while longer before the bullish momentum gains traction.

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Furthermore, the volume of Bitcoin’s daily active address and whale activities has significantly declined in the past week. Ordinarily, a rebound in the two factors is needed to guarantee a bullish continuation for Bitcoin in the near term.