Bitcoin’s recent climb appears to have momentarily slowed following a period 
of consistent upward momentum. After briefly trading above $104,000 earlier in 
the week, the price has since retraced to around $102,004, reflecting a modest 
1.2% dip in the past 24 hours. Despite the pullback, BTC remains up nearly 20% 
over the past month and is currently trading 6.4% below its all-time high of 
$109,000 reached in January. CryptoQuant contributor Carmelo Alemán shared 
insights into the activity of long-term holders (LTHs), suggesting a potential 
link between the recent pullback and increasing realized profits among 
seasoned investors. Related Reading: Bitcoin Exchange Stablecoins Ratio 
Surges—A Warning For Investors? Bitcoin SOPR and Profit-Taking Behavior Signal 
Distribution Trends According to Alemán, the Bitcoin SOPR (Spent Output Profit 
Ratio) for LTHs has risen significantly since March 12, marking a 71.33% 
growth in realized profits. This trend may reflect strategic profit-taking 
among investors who accumulated Bitcoin at lower prices during previous 
consolidation phases. Alemán&#8217;s analysis highlights how Bitcoin&#8217;s long-term 
holders, those who have held BTC for more than 150 days, have steadily 
increased their profit margins over the past two months. As of May 13, the 
SOPR for LTHs reached 2.27409, indicating that coins moved by these investors 
were sold at an average return of 227.41%. In practical terms, an investor who 
bought BTC for $50,000 would have realized roughly $113,705, with $64,000 in 
profit. This behavior may point to a period of cautious distribution, as 
experienced holders seek to lock in gains ahead of potential market 
corrections. Historically, such spikes in SOPR values tend to align with the 
later stages of market rallies, when price volatility increases and profit- 
taking accelerates. Alemán suggests that while the market has yet to reach its 
full cycle peak, LTHs may be preparing for such a scenario by adjusting their 
positions accordingly. This cautious profit-taking could influence near-term 
price movements, particularly if short-term traders follow the lead of more 
seasoned market participants. Related Reading: Bitcoin Will Hit $1 Million By 
2028 As Capital Controls Kick In: Top Expert Mixed Signals from LTH Behavior: 
Selling Slows Despite Price Nearing ATH In contrast to Alemán’s observation, 
another CryptoQuant analyst, ShayanMarkets, presented a different view of LTH 
behavior. According to Shayan, while the Bitcoin market is experiencing some 
profit-taking pressure, long-term holders are not contributing significantly 
to the selling activity. This view is supported by the declining SOPR metric 
among LTHs, which suggests that these investors are either holding or 
continuing to accumulate. This divergence may indicate a shift in the market’s 
dynamics. Whereas prior rallies were often met with widespread distribution 
from early adopters, the current trend could be characterized by stronger 
conviction among institutional or strategic holders. If this behavior 
continues, Bitcoin may resume its upward momentum once short-term selling 
pressure subsides. Shayan wrote: Based on this behavior, Bitcoin is likely to 
resume its bullish trend following this pause, potentially leading to a fresh 
impulsive rally and new all-time highs in the mid-term. Featured image created 
with DALL-E, Chart from TradingView

Bitcoin Rally Stalls as SOPR Spikes: Analyst Explains What It Means

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The Northern Mariana Islands, a U.S. territory in the Pacific, has passed 
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Traders have started placing bets on Polymarket regarding the next crypto 
market cycle, ranging from Bitcoin&#8217;s next all-time high to possible airdrops 
occurring in the second quarter of 2025. As of May 16, a majority of bettors 
believe that Bitcoin…

Here’s what Polymarket thinks about the next cryptocurrency cycle

Key takeaways:
 * Bitcoin price consolidates as resistance at $105,000 prevents rally to new all-time highs.
 * Traders are slightly bearish, but historical data suggests that a sudden bullish move should not be ruled out.
Bitcoin (BTC) price has been consolidating within a roughly $3,500 range over 
the past seven days as the $105,000 level remains the overhead resistance to 
break.
_BTC/USD weekly chart. Cointelegraph/__TradingView_
## Bitcoin unable to crack $105,000
Data from Cointelegraph Markets Pro and Bitstamp shows that BTC&#8217;s price has 
been oscillating between its resistance level at $105,000 and $101,500, where 
it has found support.
&#8220;$BTC is stuck in a narrowing $101.5K-$104K range,&#8221; said Swissblock in a May 
16 post on X.
The onchain data provider said that Bitcoin began consolidating after two 
failed attempts to break above the resistance at $105,000.
&gt; &#8220;With the weekend ahead, resolution will likely be delayed, unless we get a 
&gt; Friday break.&#8221;
_BTC/USD chart. Source:__Swissblock_
For market intelligence firm Santiment, failure to grow past the $105,00 level 
has seen traders flip slightly bearish again.
&#8220;Markets generally tend to move opposite to the crowd&#8217;s expectations, 
suggesting there is a heightened probability of crypto markets rising due to 
this increased fear,&#8221; the firm explained in an X post, adding:
&gt; &#8220;Retail traders are beginning to show impatience, which historically is a 
&gt; bullish sign for prices.&#8221;
_Bitcoin social volume. Source: Santiment_
## BTC price lacks &#8220;serious catalyst&#8221;
Bitcoin has managed to sustain $100,000 as support for over a week while 
hitting 14-week highs of $105,700 on May 12.
Despite following broad volatility across risk assets, BTC/USD may have gone 
even higher were it not for maneuvers of large-volume trading entities on 
exchange order books, according to trading resource Material Indicators.
_**Related:**__**Bitcoin hitting $220K &#8216;reasonable&#8217; in 2025, says gold-based 
forecast**_
Looking at the Binance exchange, Material Indicators argued that large blocks 
of ask liquidity were stacked above the spot price, pinning the BTC price in 
range.
An accompanying chart shows that these liquidity clusters currently sit 
between $105,000 and $110,000.
&#8220;Unless we have a serious catalyst, I&#8217;m not expecting to see a sustainable 
breakout to the all-time high territory until BTC has a legit support test at 
$100,000,&#8221; it summarized in a May 16 post on X. 
_BTC/USDT order book liquidity data. Source:__Material Indicators_
Material Indicators added that a key level to watch on the downside was the 
$98,000-$100,000 range.
&gt; &#8220;With all of the above in mind, be prepared for a support test in the 
&gt; $98,000-$100,000 range, but beware of short squeezes and bull traps until 
&gt; that happens.&#8221;
## Bitcoin bulls fight to hold key support levels
Meanwhile, popular trader Daan Crypto Trades said that the &#8220;start of the 
recent move&#8221; at $93,000 was essential for Bitcoin traders going forward.
Bitcoin is trading &#8220;far away from any large liquidity clusters. The price 
didn&#8217;t trade for a long time up here just yet. So, after the initial squeeze 
of shorts, there are not that many new positions built up around this area,&#8221; 
part of his own X post explained, adding:
&gt; &#8220;The main level to look out for would be local highs above $106,000 and 
&gt; below all the way down to $93,00, which was the start of the recent move.&#8221;
_BTC/USDT liquidation heatmap. Source: Daan Crypto Trades_
Material Indicators meanwhile paid additional attention to the 50-day and 
100-day simple moving averages (SMAs), key longer-term trendlines that formed 
a bullish cross, indicating a &#8220;strong upward momentum for the macro trend.&#8221;
For MN Capital founder Michael van de Poppe, $98,000 is a &#8220;crucial area to 
hold on to&#8221; in order to ensure continuation upward.
_Source:__Michael van de Poppe_
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.

Cryptocurrency price in INR