Bitcoin [BTC] is holding its ground but hasn’t quite come to the party yet. While Japan’s stock market hit record highs, Bitcoin held above the $90k key level.
At the same time, short-term holders (STHs) have begun selling, with price trading below their average cost.
The next move may be equally dependent on the macro headlines traders are now waiting on, as it is on the pace.
BTC holds on for dear life
At the time of writing, BTC was trading at the $92K mark after a pullback earlier this week. The rebound from the $90K zone means buyers are still defending key levels, even with a slowing pace.
Source: TradingView
RSI showed strength without excess optimism, while rising volume on recent green candles means selective buying. The MACD was positive yet flattening, so BTC is consolidating.
The market will need a definite catalyst for us to see which way it’ll swing deep.
Japan’s risk rally picks up steam
Japanese equities surged to record levels with traders returning from a public holiday and rushing to catch up with Wall Street.
The Nikkei 225 jumped as much as 3.6%, an ATH of 53,814.79, while the broader Topix index climbed 2.4% to a record 3,599.31.
Hopes that Prime Minister Sanae Takaichi could call an early election kept expectations of continued fiscal support alive.
A weaker yen also boosted export-heavy sectors, with chipmakers and automakers leading gains as 209 of the Nikkei’s 225 stocks ended in the green.
STHs are impatient
Source: Alphractal
They’ve flipped into net selling mode, with the 30-day Short-Term Holder Net Position Change in negative territory.
At the same time, Bitcoin is trading below the STH Realized Price of $98,450, so recent buyers are sitting on unrealized losses.
Source: Alphractal
This usually shakes out uncomfortable new entrants, who are more likely to sell during uncertainty. While BTC is holding on, near-term pressure remains. A macro shock could decide whether this range holds… or breaks.
Final Thoughts
- Bitcoin holds above $92K, but STH selling means the pressure is on.
- With Japan’s Nikkei up 3.6% at record highs, macro headlines may decide BTC’s fate.
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