Bitcoin (BTC) Price Consolidates Around Key Levels as It Eyes ATH Breakout

Bitcoin is trading around $103,000 after a multi-week rally that saw the price surge through major resistance levels, reigniting bullish sentiment across the market.

Bitcoin (BTC) is currently trading at around $103,000 after a multi-week rally that saw the price surge through major resistance levels, ultimately setting the stage for a critical test zone. As the cryptocurrency broke above $90K and $100K, it unlocked strong momentum, but now, with the all-time high (ATH) near $109K in sight, a successful push could confirm the beginning of a new bullish phase. However, rejection or a fakeout at current levels could trigger a sharp correction.

On-chain data from CryptoQuant sheds light on this pivotal moment. Since May 8th, short-term holders (STH) have finally moved back into profit territory as Bitcoin crossed above the $99,000 mark. From there, the Spent Output Profit Ratio (SOPR) for this group has remained above 1, indicating that STH are now selling coins at a profit.

This is a crucial development because when STHs are in profit, they tend to support market momentum. Conversely, when they are in loss, they usually capitulate under any signs of bearish pressure. Moreover, this metric reflects growing confidence and momentum, which are essential for sustaining an uptrend.

However, the same data also warns that as SOPR rises, so does the likelihood of increased sell pressure. But for now, the trend remains bullish, and Bitcoin’s ability to maintain this zone—and break above the ATH—will determine whether the market accelerates higher or pauses for consolidation.

STH Regain Profits As Bitcoin Eyes ATH Breakout

Bitcoin is showing good momentum after reclaiming key resistance levels, but a breakout above the $109,000 all-time high remains critical to confirm the start of a full-scale rally. After peaking near $105,000, BTC faced moderate selling pressure and pulled back into the $101K–$100K support range, where buyers have stepped in to defend the move. This area now serves as a pivotal demand zone, and bulls must hold it to maintain market structure and push higher in the coming sessions.

According to CryptoQuant analyst Darkfost, a significant trend has emerged since May 8th—short-term holders (STH) are finally back in profit as Bitcoin crossed above the $99,000 mark. From there, their SOPR (Spent Output Profit Ratio) has remained above 1, signaling that coins spent by STH are being sold at a profit. This is crucial because when STHs are in profit, they tend to support market momentum.

Darkfost adds that when SOPR begins pushing toward 1.03, it often suggests growing sell pressure from profit-taking. However, that’s not currently the case. While some profit-taking is natural, the broader sentiment appears confident, with holders showing signs of restraint. “It feels like we’re just getting warmed up,” says Darkfost, suggesting this rally may have more room to move.