Bitcoin Holds Above $104K Amid Low Realized Profits and Market Uncertainty

Bitcoin is experiencing volatility due to Middle East conflicts and macroeconomic risks. It remains above $104K, showing strong buyer interest, but faces risks that could push it below $100K.

Market sentiment is mixed; some analysts predict a bull run fueled by fundamentals and institutional adoption, while others anticipate a correction.
On-chain data indicates realized profits for Bitcoin remain low, under $1 billion, suggesting investors are not panicking or overly euphoric.
Institutional adoption is increasing, and exchange supply is declining, indicating long-term holding trends.

On-Chain Metrics Signal Calm

Despite geopolitical tensions, Bitcoin's price consolidates near its all-time high. This stability reflects resilience amidst market uncertainty. Current profit-taking activity is muted, which may support ongoing consolidation.

BTC Technical Analysis: Key Support Being Tested

Currently, Bitcoin trades at $104,292, above crucial support at $103,600, previously an all-time high.
A failure to break the $109,300 resistance has led to lower highs, indicating weakening bullish momentum.
Stable volume suggests cautious selling rather than capitulation; additional support levels exist at $104,065 (100-SMA) and $94,617 (200-SMA).

A drop below $103,600 could lead to a move toward $100K support. Conversely, a bounce could allow a retest of $109,300.