Market Analysis After Bitcoin Pullback: Long-term Holders Take Profits, Support and Resistance Levels Emerge

After Bitcoin recently reached a historic high of $111,800, it has begun a pullback, and the market is currently facing multiple tests. Analysis shows that long-term holders are starting to take profits on a large scale, which may indicate that the market has entered the distribution game stage.

Market Trend Overview

Bitcoin quickly fell back to around $103,200 after reaching a new high of $111,800. This round of increase was primarily driven by the spot market, forming several obvious accumulation ranges: $81,000 to $85,000, $93,000 to $96,000, and $102,000 to $104,000. These ranges may now become potential support levels.

From a macro perspective, many historically accumulated areas have transformed into sell-off zones. In particular, sellers in the ranges of $25,000 to $31,000, $38,000 to $44,000, and $60,000 to $73,000 are exerting pressure on price trends.

Key Price Level Analysis

The key support levels in the current market are around $103,700 and $95,600, while the resistance level is at $114,800. These levels are important indicators of market sentiment changes.

Profit Realization Status

Recently, profits have soared to $1.47 billion per day, marking the fifth large-scale profit-taking in this cycle. Notably, this wave of selling is primarily dominated by long-term holders rather than short-term traders.

Long-term holder behavior

Investors who have held positions for more than 1 year have recently dominated the selling, reflecting mature capital rotation. This is consistent with previous observations, confirming that seasoned investors are shaping the current top formation stage.

Market Outlook

The market appears to be at a critical turning point, facing multiple challenges: increased selling pressure, weakening bullish momentum, and a test of demand resilience. The coming weeks will be crucial in determining whether this is a medium-term consolidation or the beginning of a broader top formation.

Overall, although profit-taking is still exerting significant pressure, its intensity has eased. This may indicate that the market is transitioning from a frenzy cycle to a structural capital rotation within more mature asset classes. As the market further develops, investors should closely monitor the aforementioned key price levels and changes in the behavior of long-term holders.