Bitcoin Approaches $100K as Long-Term Holders Near 350% Profit

Bitcoin's long-term holders are approaching a 350% profit margin, which historically has led to increased selling pressure. This threshold aligns with a Bitcoin price near $99.9K, indicating a potential turning point. At the time of writing, BTC was trading at $96,256.73, down 0.35% for the day. As this zone is approached, the market may experience intensified selling from experienced holders, requiring strong buyer support to maintain momentum and clear the path toward six figures.

Bitcoin continues to follow an ascending channel pattern on the 4-hour chart, indicating sustained upward momentum. The price has recently reclaimed the $96.3K level, which now serves as a new support zone. The $98K level has emerged as a key resistance point, where bulls may face challenges. However, the pattern also suggests a potential rebound and higher highs, indicating a breakout path toward $100K. Therefore, this short-term structure remains favorable for buyers if BTC holds its support and follows the projected trajectory.

Ownership metrics reveal a subtle yet meaningful shift in participant structure. Retail participation has slightly declined by 0.09%, while investor holdings increased by 1.4%, suggesting moderate accumulation by medium-term holders. Whale Concentration has remained unchanged, highlighting a phase of consolidation. In effect, BTC appears to be rotating from smaller hands to more resolute investors—a redistribution phase that could fortify the long-term price structure.

BTC’s derivatives market has cooled off, reflecting cautious behavior among leveraged participants. Futures Volume dropped by 31.03%, and Options Volume fell by 25.82%, with a corresponding decline of 2.61% in Open Interest. Additionally, Options Open Interest shrank by 6.31%, suggesting trimmed expectations of aggressive price action. This decline in speculative momentum indicates traders are waiting for a clearer breakout above $98K before committing capital, which could reduce short-term volatility until confirmation.

Multiple indicators point toward a favorable market environment. Notably, Large Transactions (+0.63%), Address Concentration (+0.89%), and In-The-Money Wallets (+0.76%) signaled strength. Meanwhile, exchange indicators such as Bid-Ask Volume Imbalance (+1.37%) and Smart Price Signals (+0.02%) lean bullish. Although Net Network Growth remains neutral, the broader data leans heavily toward buyer dominance. Therefore, the overall alignment across metrics strengthens the case for continued upward movement.

While long-term holders' profitability near 350% may trigger distribution, the technical setup, investor accumulation, and favorable metric stack support bullish continuity. If buyers maintain the current support at $96.3K and reclaim the $98K resistance, the price may continue in a step-by-step advance toward $100K. Therefore, the market structure favors a gradual bullish continuation, mirroring the arrow trajectory drawn in the chart above.