Bitcoin News Today: Bitcoin Resilient Near $121,930 as Long-Term Holders Suppress Sell Pressure

Bitcoin has shown resilience near $121,930 amid a lack of significant profit-taking, with daily realized profits averaging under $750 million in August—substantially lower than the $2 billion peaks seen in January and July. This trend is largely attributed to long-term holders (LTH), who continue to retain their positions despite market volatility. According to on-chain data from Glassnode, LTHs generate more profit than short-term holders (STH) except during major price breakouts [1].

Glassnode's Realized Profit metric highlights a pattern: LTHs dominate profit generation, with the last major shift in STH dominance occurring in July, coinciding with Bitcoin’s $123,000 all-time high. This event was driven largely by investors who purchased during March’s dip to $76,000. With current profit levels significantly below these peaks, the market appears more anchored and less speculative, suggesting a disciplined holding strategy among key participants [1].

From a technical perspective, Bitcoin has broken above the descending channel that had constrained the price since mid-July. This breakout was accompanied by a surge in volume, indicating strong conviction among buyers. On the daily chart, BTC has re-taken the 23.6% Fibonacci retracement level at $117,335 and is now testing resistance near $123,236 [1].

Momentum indicators support the bullish narrative. The Relative Strength Index (RSI) stands at 66.26, signaling robust but not overextended buying pressure, while the Moving Average Convergence Divergence (MACD) has confirmed a bullish crossover above zero. The price action, characterized by consecutive strong green candles, reinforces the strength of current demand [1].

A daily close above $123,236 could potentially push Bitcoin toward $127,000, with $130,000 serving as a key psychological level. Immediate support levels are at $117,335, followed by $113,650 and the 50-day simple moving average at $114,724 [1].

For traders, several strategic setups are available: a bullish play entering above $123,236 with stops at $119,800 and targets at $127,000 and $130,000; a conservative approach waiting for a retest of $117,335; and a bearish play shorting potential rejections at $123,000–$123,500 with stops above $123,500 [1].

With LTHs suppressing sell pressure, the potential for a sharp upward move increases if resistance levels are broken. Traders are advised to monitor volume levels closely before entering long positions [1].

Bitcoin Hyper ($HYPER), a newly launched project, aims to integrate Bitcoin’s security with Solana’s speed by operating as a Bitcoin-native Layer 2 built on the Solana Virtual Machine. The project supports fast, low-cost smart contracts and dApps, with a presale surpassing $9 million in funding. HYPER tokens are currently available at $0.012675 and can be purchased using crypto or a bank card through the official website [1].

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[1] https://cryptonews.com/news/bitcoin-price-prediction-long-term-holders-refuse-to-sell-next-leg-up-could-shatter-expectations/