Bitcoin has regained traction following a previous attempt to hit $95,000 earlier in this cycle. Currently, BTC is making another effort to rally as market conditions improve and investor behavior begins to shift. Unlike earlier surges, the current selling pressure appears to be less severe, which enhances confidence that this rally has more robust structural support.
Investor sentiment has notably improved, as evidenced by the Net Unrealized Profit and Loss (NUPL) metric, which has risen from -10.2% to -7.8%. This shift indicates a reduction in unrealized losses across the network, suggesting that holders are feeling less stressed. The NUPL remains within its historical range, pointing to stabilization rather than overexuberance. Such conditions often set the stage for trend continuation rather than sudden reversals.
Current trends suggest that holders are more inclined to wait for further price increases instead of selling during minor rebounds. The reduction in unrealized losses also diminishes the likelihood of forced selling. With fewer participants experiencing underwater positions, panic-driven exits are less likely, creating an environment conducive to more stable price discovery as Bitcoin nears key resistance levels.
Additionally, behavior among long-term holders has demonstrated a significant slowdown in distribution. Net outflows from these wallets have decreased from extreme levels witnessed during previous corrections. This transition implies that the market is now more effectively absorbing long-held supply. As the overhead supply diminishes, Bitcoin requires less demand to advance in price. Historically, such changes have led to sustained price increases rather than fleeting spikes.
While Bitcoin has not yet fully entered a phase of positive accumulation, current market dynamics indicate a movement in that direction. At the time of writing, BTC is trading around $92,221, maintaining a position above the $91,298 support level. The price is now aiming for the $93,471 resistance. A significant hurdle remains in the form of a descending uptrend line that has been a barrier for Bitcoin”s breakouts since mid-November 2025, located just below the $95,000 mark.
Should Bitcoin successfully convert the $93,471 resistance into support and break through this trend line, a move towards $95,000 becomes likely. The improving sentiment and reduced distribution bolster this outlook. However, there is still a risk of failure; if Bitcoin faces rejection at the trend resistance once again, the price could retreat towards $91,298. A sustained weakness in momentum could test the $90,000 mark, and a deeper pullback may drive BTC to $89,241. Losing that critical level would challenge the bullish narrative and potentially extend losses towards $87,210.
