ShayanMarkets2025-05-15

Bitcoin Near ATH, But Long-Term Holders Aren’t Selling. Why Bitcoin May Rally Again Soon

While Bitcoin has reached its all-time high around $109K, profit-taking activity is expected as traders look to secure gains. Consequently, Bitcoin’s extended consolidation near ATH levels can largely be attributed to significant profit realization by market participants. However, the recent behavior of long-term holders (LTHs), investors who have held their assets for over 150 days, tells a different story, as reflected in the LTH SOPR (Spent Output Profit Ratio) metric. This metric has been trending downward even as the price approached the $109K range. This decline suggests that long-term holders have not yet engaged in notable profit-taking. Instead, they appear to be accumulating, signaling confidence in higher price targets and anticipating new all-time highs. Therefore, the current consolidation phase seems to be primarily driven by short-term holders and retail traders. Based on this behavior, Bitcoin is likely to resume its bullish trend following this pause, potentially leading to a fresh impulsive rally and new all-time highs in the mid-term.