Bitcoin Faces Key Resistance at $96,000 Amid Modest Gains

Bitcoin (BTC) is currently trading in the mid-$90,000 range, experiencing slight gains after China exempted certain US products from a 125% tariff. It faces a critical resistance level at $96,000, which will influence its near-term price movements.

On-Chain Metrics Analysis

BTC is in a stagnation phase with short-term holders realizing profits.
If profit-taking is not absorbed, it may lead to increased selling pressure.
Exchange reserves for BTC are stabilizing after significant depletion.
Current inflows and outflows on exchanges are balanced, indicating a neutral market.
The Spent Output Profit Ratio (SOPR) has risen to 1.04, indicating profitable sales by recent buyers.
SOPR measures transaction profitability; values above 1 indicate profits.
Increased selling activity is noted among BTC whales and institutional investors.
The Net Realized Profit and Loss (NRPL) metric has shifted from $2 billion in losses to $3 billion in gains.

Resistance Levels and Market Outlook

Bitcoin faces key resistance at $96,000; breaking this could lead to new support and continued rally.
A failure to surpass this level might result in a pullback towards the $80,000 range.
BTC's demand indicates a potential momentum shift, raising hopes for a sustained rally and possible new all-time highs.
Currently, BTC is trading at $93,972, reflecting a 0.3% increase over the last 24 hours.