**Key Takeaways:**

* Bitcoin short-term holders are back in profit, increasing chances for a rally to $100,000.

* Long-term holders added 363,000 BTC since February, with new buyers injecting capital in April.

* Bitcoin sell pressure risk exists at $97,000, where 392,000 BTC could be sold.

Bitcoin’s (BTC) surge above $91,700 on April 22 pushed its value above the short-term realized price or cost basis. This implies that a majority of short-term holders (STHs) are currently back in profit.

STHs returning to profit after unrealized losses signal a bullish outlook, paving the way for a potential $100,000 retest.

_Bitcoin short-term onchain cost basis bands. Source: Glassnode_

Historically, during the early phase of a rally, STHs in profit provided upward momentum by holding firm and drawing in new investors. Bitcoin’s supply mapping indicated “strong activity” in April from first-time buyers, indicating fresh capital injections in the market at higher prices.

Long-term holders (those holding for more than 155 days) increased their allocation by 363,000 BTC since February, while Bitcoin whales and sharks have absorbed 300% of the yearly issuance.

Despite this week’s price breakout, Bitcoin researcher Axel Adler Jr. noted that the last strong resistance remains at $96,100. In an X post, the analyst said,

> “At the $96K level, there will be the final resistance from the cohort > holding coins for 3-6 months, after which the next target of $100K opens > up.”

_Bitcoin realized price analysis. Source: X.com_

_**Related: Why is Bitcoin price up today?**_

## 392,000 Bitcoin at $97K could trigger a sell-off

According to Bitcoin’s cost basis distribution data, investors hold approximately 392,000 BTC at an average cost basis of $97,000, creating a potential resistance zone. This concentration suggests many investors may sell at break-even, potentially stalling Bitcoin’s upward momentum.

_Bitcoin cost basis distribution chart. Source: X.com_

However, anonymous trader Ezy Bitcoin emphasized Bitcoin’s price action in the Wyckoff reaccumulation phase is “playing out beautifully”. The chart indicated continued strength, with three price targets: $131,500 (target 1), $144,900 (target 2), and $166,700 (target 3).

This Wyckoff pattern points to possible accumulation by large players, signaling an upward trend for Bitcoin, as the market absorbs supply and prepares for an uptrend.

_Bitcoin Wyckoff pattern analysis by Ezy Bitcoin. Source: X.com_

_**Related: Bitcoin price prepares for ‘70% to 80%’ gain as onchain metrics and spot BTC ETF inflows spike**_

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.