Bitcoin (BTC) Regains Upside Trajectory as Prices Hold Above $100K, But Negative Sentiment Persists Among Large Holders

After a period of heightened volatility due to a broader market crash, Bitcoin appears to be regaining an upside trajectory as prices continue to hold above the $102,000 mark.

Bitcoin price shows signs of regaining an upside trajectory, as prices continue to hold above the $102,000 mark after a period of heightened volatility due to a broader market crash. BTC may be demonstrating the potential for a notable rebound, but negative sentiment persists among large Bitcoin holders.

Huge Sell-Offs Among 10-100 Bitcoin Holders

As Bitcoin moves toward a positive direction again, huge sell-offs are being observed among 10-100 BTC holders. This shift in investors’ sentiment was highlighted by technical expert and author Axel Adler Jr in an X post, sparking concerns about the sustainability of BTC’s price.

According to Jr, the balance of wallets containing 10-100 BTC has been decreasing steadily for nearly 2 years, as indicated by on-chain data. This continued sell-off by this cohort might be viewed as profit-taking or strategic repositioning as BTC builds momentum for an upswing.

Back in June 2023, the balance of these investors reached a peak of 3.2 million BTC. However, these investors have been cashing out sums ranging from $1 million to $10 million as the volume has decreased significantly by over 600,000 BTC, bringing the balance to 2.6 million BTC. Meanwhile, the average volume for this group of whale investors is 3.15 million BTC.

Historically, large investors’ behavior tends to influence BTC’s price trajectory and stability. Even though Bitcoin is recovering slightly, a prolonged sell-off by these investors may hinder growing momentum, causing a pullback toward key support levels.

During the recent decline caused by a larger market drop, the overall supply of BTC in loss has increased sharply. Axel Adler outlined that Bitcoin’s decline to the $98,000 price level led to a substantial increase in the total BTC supply in loss to about 2 million.

This surge coincides with investor concerns about the open-source release of DeepSeek’s solution and inflated Artificial Intelligence (AI) firm valuations. With 2 million BTC now trading below their purchase cost, the development may signal heightened selling risks for the asset.

However, overall supply in loss has now fallen to 738,000 BTC as prices slowly move upward, which is in line with the quarterly average for this indicator. The drop shows that the market has stabilized and the number has returned to normal.

BTC’s Price Facing Bearish Pressures

Examining BTC’s recent price action, the flagship asset appears to be eyeing a consolidation phase as it hovers between $103,000 and $100,000. This movement is fueled by growing bearish pressure and investors’ waning sentiment, raising the possibility for an extended consolidation phase.

As a result of this consolidation and the emerging bearish pressure, Bitcoin is trading slightly above $102,500, indicating a nearly 3% daily decrease. BTC’s drop has sparked selling activity among investors, cited by a decline in its trading volume by over 44% in the past day.