After Nearly a Year of Heightened Long-Term Holder Activity, Bitcoin (BTC) 60-Day Coin

Bitcoin (BTC) price hovered just below the crucial $96K resistance zone on Thursday, amid a sharp decline in 7-day Netflow.

At press time, BTC was trading at $95,167.74, showing a 0.45% rise over the last 24 hours.

Bitcoin price action shows signs of a potential breakout or breakdown

As the broader cryptocurrency market entered a phase of sideways trading, BTC also showed signs of a breakout or breakdown as it continues to consolidate below the key resistance at $96K.

The Bollinger Bands had begun to squeeze together, which signaled that a sudden increase in price volatility could be forthcoming.

The RSI was also heating up as it moved into the overbought zone at 66.60.

Taking support levels into account, if the bulls manage to break above the next resistance at $99K and sustain the move, it could open the door for a rally towards the $100K psychological barrier.

However, if the price action shows a decisive close below the support levels of $92.7K and $89.5K, it might indicate further consolidation.

Bitcoin price analysis: Whales appear to be less active as 7-day Netflow plunges

The 7-day Netflow experienced a substantial drop, plummeting by –619.31%. This sharp decrease in outflows signaled a potential shift in whale behavior from selling to holding or accumulating.

Moreover, the timing aligned with the recent report by blockchain analytics firm, IntoTheBlock, which highlighted a cooldown in long-term holder activity.

As such, the drop in netflows further reinforced the narrative of reduced selling pressure and increasing supply stability in the market.

On the other hand, Bitcoin’s MVRV Ratio had rebounded to 126.73% at press time, after reaching lows near 83% in early April.

This sharp recovery indicated that most holders were now in profit territory, which often led to increased sell-side pressure.

However, the current MVRV level was not extreme compared to historical peaks, suggesting there was still headroom before entering euphoria zones.

Therefore, while caution was warranted, the profitability bounce should not yet be interpreted as an imminent reversal signal.

On-chain valuation models present a mixed picture

The NVT Golden Cross dropped by –75.03%, which implied that Bitcoin was relatively undervalued based on transaction activity.

Meanwhile, the Puell Multiple sat at 1.08, which signaled that issuance was slightly elevated but not alarming.

Together, these signals painted a picture of valuation equilibrium—not stretched, but still offering some room for upward movement.

Bitcoin social buzz is heating up as retail traders show interest in BTC

In other developments, there was a surge in interest in Bitcoin among retail traders.

At the time of writing, Social Dominance had risen to 25.04% and Social Volume stood at 3,274. This attention was likely linked to BTC’s resilience near the key resistance zones, which, in turn, sparked greater interest from the broader crypto community.

While the volumes were not yet at mania levels, it was nonetheless a secondary catalyst that could be useful for building momentum.