BTC HODLers Absorb Short-Term Selling Pressure, $95,000 Faces Strong Resistance

On April 24th, according to CoinDesk, with the Bitcoin price rebounding above $90,000, long-term holders (with a holding period of ≥155 days) continue to accumulate, absorbing the selling pressure from short-term holders at a ratio of 1.38:1. From January to the present, Bitcoin holders have seen a net increase of 635,340 BTC in their holdings. The current total holdings of long-term holders are approximately 13.755 million BTC, accounting for about 65% of the circulating supply. Short-term holders own approximately 3.51 million BTC, with a net decrease of about 460,000 BTC in the past 155 days. The cost basis of Bitcoin long-term holders is mostly concentrated in the range of $65,000 to $95,000. Meanwhile, short-term holders have been taking profits or cutting losses recently, indicating that market sentiment has not fully recovered. Despite Bitcoin's 30% retracement from its January all-time high of $109,000, long-term holders continue to accumulate at lower levels, which is a typical sign of distribution at higher levels. Currently, there are 2.6 million BTC in the market that are in a loss position, mainly due to purchases above $95,000, forming a strong resistance level. The market needs to pay attention to whether the key psychological level of $95,000 can be effectively surpassed.