BTC absorbed a profit pullback of $66 billion from recent buyers, keeping the price stable with new demand.

Gate news, according to Bitcoinist, BTC (BTC) is facing another crucial moment after reclaiming the key level above $105,000. Last weekend, the US military’s attack on Iran’s nuclear facilities caused a violent Fluctuation in BTC, plunging the global market into panic. However, yesterday’s announcement of a ceasefire between Israel and Iran eased market concerns, leading to a substantial rebound in BTC prices.

The article states that the short-term trend of BTC is expected to be determined this week. Despite the success of the bulls in regaining control of the market in the short term, uncertainty remains high due to global tensions and macroeconomic headwinds. CryptoQuant’s on-chain data further insight into the current market dynamics. Since mid-April, the realized cap of the 0-1 month age group has surged by $66 billion.

Despite facing selling pressure, BTC still maintains a narrow Fluctuation, indicating strong demand sufficient to absorb recent profit-taking. If the bulls can continue the current momentum, BTC may lay the foundation for the next major trend. Currently, everyone is watching whether BTC can break through $109,000 and test the historical highs again.

BTC has experienced significant Fluctuation recently, dropping sharply to $98,000 at one point, followed by a sharp rebound above $105,000. This rebound comes at a time when concerns about a potential double top pattern in the market are intensifying, exacerbating bearish sentiments among market participants. Despite this psychological pressure, on-chain data still shows that the market structure remains robust, with no major warning signs of an imminent collapse.

According to analyst Axel Adler, the realized market value of BTC aged 0-1 month has increased by $66 billion since April 13. This indicator reflects a large profit-taking from short-term holders who entered the market during the price increase. During this period, approximately 720,000 BTC were sold, bringing significant selling pressure to the market.

(Source: X, CryptoQuant)

However, it is worth noting how BTC has successfully absorbed these selling volumes without collapsing. The price has basically remained within a narrow range, indicating that buyers are entering to compensate for the outflow of funds. This accumulation usually heralds underlying strength, even in seemingly uncertain price movements.

Currently, the market is closely watching whether BTC can maintain its momentum above $105,000 and test the resistance level of $109,000 to $112,000 again. Prior to this, consolidation is still the dominant trend, possibly a calm period before the next major trend.

BTC regains $105,000 and tests resistance level

The 4-hour chart of BTC shows a strong rebound from the low point of $98,000, currently hovering around $105,300. Previously, the strong buying momentum pushed BTC up to the key support level of $103,600 (which has now turned into a resistance level). Reaching this level, along with the closing breakthrough of the 50 and 100 period moving averages, indicates a rekindled bullish interest.

Before BTC breaks through $106,000 with strong trading volume, the overall market structure will remain neutral to slightly bullish. The higher low formed during the rebound from $98,000 gives the bulls some confidence, but confirmation will only be obtained when the price consolidates above the 200-day moving average and advances towards the May high.

(Source: Trading View)