Bitcoin Holds Above $110,000 While Normalized Address Activity Drops to 30%

Bitcoin is currently trading around $112,900 after holding above critical support at $110,000. Market sentiment is cautious as selling pressure increases amid ongoing volatility. Key points include:

Normalized Address Activity (NAA) has dropped from 60% to 30%, indicating a cooling in transactional intensity.
Despite lower short-term supply activity, long-term NAA increased from 30% to 40%, suggesting more holders are realizing profits at higher prices.
Past peak selling activity occurred in September 2023 at 85% NAA when Bitcoin was around $37,000, contrasting current levels of selling pressure.
Bitcoin remains below the 50-day and 100-day moving averages, which act as resistance between $113,000 and $115,000.
A successful break above $115,000 could indicate renewed bullish momentum; failure to do so may lead to retesting support at $110,000 or lower toward $108,000.

The market's next moves will depend on whether buyers can overcome selling pressure and regain momentum.