Bitcoin Holders Are Cashing In at Higher Prices—Is This the Bull Market’s Next Leg?

Short-term traders and long-term HODLers alike are seeing their realized prices climb—a sign that confidence (or greed) is creeping back into crypto.

When even the diamond-handed crowd starts locking in profits, you know sentiment’s shifting. But let’s not pop the champagne yet—Wall Street’s still waiting for their ‘regulated’ slice of the pie before calling it a ‘real’ market.

Bitcoin Data Supports Strong Market Dynamics

Bitcoin is currently trading slightly below its all-time high NEAR $112,000, consolidating at elevated levels after an explosive multi-month rally, with the price holding strong above the $106K–$108K range. The coming days are shaping up to be a pivotal moment for confirming the continuation of the uptrend. A decisive breakout above $112K could propel BTC into price discovery mode, igniting a broader market rally and signaling the start of the final leg of the bull cycle.

However, macroeconomic conditions remain complex. Global tensions continue to mount as trade conflicts between the US and other major economies persist, while rising US Treasury yields signal deepening systemic stress across traditional markets. In this uncertain climate, bitcoin is increasingly viewed as a macro hedge, drawing interest from both institutional and retail investors seeking protection from fiat debasement and monetary instability.

On-chain data further reinforces the bullish outlook. According to top analyst Axel Adler, since Bitcoin reclaimed the $97K level, the average realized price for both short-term and long-term holders has begun to rise. More notably, the 7-day change in the realized price for long-term holders has now reached its highest point in the current bull cycle. This increase signals that long-term participants are not only holding but accumulating at higher levels, a strong indicator of growing conviction and healthy market structure.

This behavior historically precedes major bullish moves, as it reflects confidence from experienced holders who typically lead cycle trends. As momentum builds and macro uncertainty favors hard assets, Bitcoin’s positioning just below ATHs suggests that a powerful continuation could be imminent. A confirmed breakout above $112K may mark the beginning of the next explosive phase.

BTC Price Action: Holding Strong Above $108K

Bitcoin is trading at $108,910 on the 4-hour chart, continuing to consolidate just below the $112,000 all-time high. The structure remains bullish, with BTC respecting higher lows and holding above key support levels. The 34 EMA ($108,819) and the 50 SMA ($108,824) are acting as immediate support, providing a critical zone to defend as momentum builds.

Despite several short-term pullbacks, BTC has remained resilient. Price has repeatedly tested the $109,300 resistance zone without a confirmed breakout, suggesting that a decisive move above this level could trigger a renewed bullish impulse. On the downside, the $103,600 level—marked by a strong horizontal support—remains the key to preserving the broader trend.

Volume remains moderate during this phase, indicating a market in wait-and-see mode. As long as Bitcoin stays above the cluster of short-term moving averages, the bulls maintain control. A clean break above $109,300, especially with volume, could lead to a quick retest of the $ 112,000 all-time high.

Featured image from Dall-E, chart from TradingView