Key Takeaways
Bitcoin’s price has been holding firm above a dense supply cluster as holders in long positions remain strong. Its NVT golden cross may be nearing oversold levels too, hinting at a potential rebound if fresh buying momentum steps in.
Bitcoin, at the time of writing, seemed to be holding firm between $93,000 and $110,000 – A zone where supply has been building since late 2024. For months, this range has acted as an accumulation pocket among the crypto’s investors and traders.
If buyers keep absorbing more coins here, it could turn into a lasting floor. If not, the same zone might be tested by a capitulation wave.
Source: Glassnode
Mounting losses, but holders are not backing away
AMBCrypto’s analysis of CryptoQuant’s on-chain data revealed that Bitcoin’s net unrealized losses have been climbing in this price band.
Normally, that would sound like a red flag. However the lack of panic selling tells us a different story. In fact, holders appeared to be sitting strong on positions through the draw-down – A sign that they are confident enough to ride it out.
During previous market cycles, this kind of behavior has often preceded a reversal rather than a breakdown.
Source: CryptoQuant
A measure of sellers’ exhaustion?
Here, it’s worth pointing out that the NVT golden cross — which compares Bitcoin’s valuation against transaction activity — has been sliding into oversold territory.
That does not guarantee a market bottom, but it does imply that the price may be stretched relative to network usage. In previous cycles, similar moves have often lined up with relief rallies or marked the early stages of recovery.
In Bitcoin’s case, the same pattern may play itself on repeat.
Source: CryptoQuant
What should Bitcoin traders expect next?
So, where does that leave the market?
If the sell pressure accelerates, Bitcoin could still slip below this cluster before finding stability. On the contrary, if BTC’s demand keeps matching supply as seen from positive on-chain sentiments, the zone may prove to be the springboard for the next major rally.
For now, the market is in a wait-and-see phase. Traders and long-term holders alike are waiting to know whether $93k–$110k becomes the new foundation, or just another battleground in Bitcoin’s volatile journey.
