Bitcoin (BTC) Holders Won't Sell, Key On-Chain Data Reveals, as Price Struggles To Find Short-Term Direction

Bitcoin is currently trading below the $100K mark, with no clear trend in sight. After an intense period of volatility, bulls lost control last weekend

Bitcoin price analysis shows BTC struggling to break above $100K, remaining range-bound.

As Bitcoin price consolidates below all-time highs, key on-chain data reveals a crucial trend among BTC holders. Top analyst Axel Adler shared insights highlighting that since Bitcoin reached $28K, address activity has dropped into negative territory. This means that the majority of BTC holders are reducing sell-side pressure and limiting major downside risk.

Bitcoin has been consolidating below its all-time high since late December, with only a brief breakout attempt in mid-January that failed to trigger price discovery. Despite high expectations for BTC returns at the beginning of the year, the market has been trapped in a range.

The lack of momentum above $100K has raised concerns about whether BTC will continue its historic bull cycle or if the market is entering a prolonged consolidation phase.

Top analyst Axel Adler shared key insights on X, highlighting a critical trend that could shape Bitcoin’s price trajectory. Adler points out that something has changed in this cycle compared to previous bull markets. With fewer coins being moved or sold, supply is tightening at a faster rate, potentially setting the stage for an eventual supply squeeze.