Bitcoin Defies $66B Profit-Taking Onslaught – Fresh Demand Fuels Price Stability

Bitcoin just shrugged off a $66 billion sell-off like it was pocket change. New buyers flooded in faster than hedge funds could cash out—keeping the king of crypto steady while altcoins flailed.

The profit-taking paradox

Whales dumped coins at levels last seen before the 2024 halving. Retail traders? They bought every dip like it was a Black Friday deal on digital gold.

Liquidity vs. leverage

Derivatives markets twitched but spot volumes absorbed the shock. Another reminder that real Bitcoin changes hands—not just paper promises on sketchy exchanges.

The machine keeps humming. Even when Wall Street tries to front-run crypto cycles, the market corrects faster than their overpaid analysts can say 'asymmetric risk.'

Bitcoin Consolidates As Market Absorbs Profit-Taking Pressure

Bitcoin recently faced intense volatility, plunging to $98,000 before staging a sharp rebound above the $105,000 mark. This recovery comes amid growing concerns about a potential double top formation, which has fueled bearish sentiment among market participants. Despite this psychological pressure, on-chain data continues to show a resilient market structure with no major warning signs of an imminent collapse.

According to top analyst Axel Adler, since April 13, the Realized Cap of the 0–1 month age cohort has increased by $66 billion. This metric reflects significant profit-taking activity from short-term holders who entered positions during the rally. Approximately 720,000 BTC have been sold during this period, adding substantial supply pressure to the market.

However, what’s notable is how bitcoin has managed to absorb this selling volume without collapsing. Prices have remained largely within a narrow consolidation range, suggesting that buyers are stepping in to match the outflow. This kind of accumulation often signals strength beneath the surface, even when price action appears uncertain.

The broader market is now watching closely to see whether Bitcoin can maintain momentum above $105K and push toward retesting the $109K–$112K resistance zone. Until then, consolidation remains the dominant trend, potentially a calm before the next major move.

BTC Tests Resistance After Reclaiming $105K

Bitcoin’s 4-hour chart shows a strong rebound from the $98,000 lows, with the price currently hovering around $105,300. This MOVE follows a sharp surge in buying momentum that pushed BTC above the key $103,600 support-turned-resistance level. The reclaim of this level, combined with a decisive close above the 50 and 100-period moving averages, signals renewed bullish interest.

Volume has also spiked significantly during the latest bounce, indicating real market participation and not just a short squeeze. However, BTC is now approaching a major confluence zone between $105,500 and $106,000, where the 200-period moving average and a recent horizontal resistance zone converge. This range has acted as a rejection area several times in June, and price action here will determine if BTC can aim for the next resistance at $109,300.

Until BTC breaks above $106K with strong volume, the broader market structure remains neutral to slightly bullish. The higher low formed during the bounce from $98K gives bulls some confidence, but confirmation will come only if price consolidates above the 200-MA and pushes toward the May highs.

Featured image from Dall-E, chart from TradingView