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Home»Bitcoin»Will a $97k support hold amid long-term selling?
Bitcoin

Will a $97k support hold amid long-term selling?

2025-01-24No Comments3 Mins Read
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  • Longtime holders have sold as bitcoin consolidated on the charts
  • Bitcoin derivatives volume up 74%, signaling cautious optimism

Bitcoin’s recent rally past $109,000 has slowed lately, with the cryptocurrency now consolidating just above $100,000. In reality, Bitcoin (BTC) trading at $104,982 at press time, down 2.18% in the past 24 hours and up 3.58% in the past week.

The 24-hour trading volume was $104.8 billion, while the market capitalization was $2.08 trillion, according to COINGECKO data.

Long-term holders see the sales activity

Long-term Bitcoin holders have started selling after months of holding the correction period from March 2024, according to the SOPR (issued output profit ratio) data. During this period, these holders refrained from selling and accumulated bitcoin.

However, as the price rose past $100,000, long-term holders resumed selling—a behavior previously seen during the 2021 Bull Market.

Source: cryptoquant

Source: Cryptoquant

Short-term holders, on the other hand, are more likely to continue taking profits. SOPR data for short-term holders revealed several cases where the ratio exceeded 1.02—a sign of profitable selling.

However, SOPR values ​​above 1.06, often seen during the peaks of the market cycle, have not yet appeared. This means there is still room for additional price growth before the near-term earnings peak.

Despite the selling activity, UTXO data highlighted that long-term holders are still retaining significant holdings. This seemed to support the idea that the current cycle has not yet ended.

Source: cryptoquant

Source: cryptoquant

$97,530 identified as critical support level

According to Ali’s latest crypto analyst tweet,,

“The key support level to watch for Bitcoin is $97,530. Holding above this level is crucial to maintaining the current bullish momentum. ”

Recent data from Glasnode Confirmed that this price point aligns with high activity levels, making it a crucial zone for price stability. Should Bitcoin lose the $97,530 level, it could move back to $93,856 or $90,000. Especially as these are areas of strong historical activity.

See also  Long-term Bitcoin holders are selling 366k BTC

Moreover, resistance is expected near $100,967 – $105,118 as many holders can take profits in this range.

Trading and derivatives activity shows market caution

According to CoinglassBitcoin trading volume rose 73.27% to $172.56 billion, with open interest up 1.19% to $68.52 billion. Options trading also saw increased activity, with volume up 74.28% to $6.61 billion and open interest rising 3.95% to $40.62 billion.

Meanwhile, funding rates have steadily declined, with the OI-weighted funding rate at 0.0038% as of January 24, 2025.

This hinted at reduced leverage in the derivatives market, reflecting cautious sentiment among traders.

Hashrate shows continued strength

Finally, bitcoins hashrate was at 746.7 eh/s at press time, reflecting consistent growth in network security and miner activity.

While not at all-time highs, this elevated level showed strong miner confidence and continued investment in mining infrastructure, in line with Bitcoin’s press price of $104,994.

Source: cryptoquant

As Bitcoin consolidates, traders and investors should keep a close eye on key levels to determine the next step in the ongoing market cycle.

Previous: Analysis of Trump’s executive order on cryptocurrency and what it means for you

Next: Vitalik Buterin warns against political memecoins like Trump – here’s why

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97k hold LongTerm Selling Support
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