Bitcoin recovered the price of 97 thousand tomans amid the pressure of selling old whales

Bitcoin (Bitcoin) has rallied 3% over the past 24 hours to hit a monthly high of $97,822 after trading below the $95,000 level for more than a week. CryptoSlate data

As of press time, this flagship digital currency was trading at $97,029.

The recovery move comes despite continued profit-taking by aging whales, which has led to significant selling pressure in recent weeks. is highlighted by CryptoQuant CEO and founder Ki Young Joo.

Key explained that OTC trading desks are recording a high volume of trades while exchange deposits are increasing. These are common signs of short-term negative price changes. However, he believes these market moves are not enough to trigger a crash.

According to Kay:

Buying pressure is mainly from US institutions on Coinbase, but the daily premium is at a 2-year low. It needs recovery for the next step.”

After setting a new record high on December 17, above the $108,000 price threshold, BTC began a correction that stopped at $91,816.86 on December 30. Since then, Bitcoin has slowly recovered towards the $100,000 region.

For the trader identified as Rekt Capital, this move is expected. In late December, he pointed out Bitcoin typically experiences a retracement seven to nine weeks after entering the price discovery zone.

Recently, he is highlighted Week 9 ends slowly, allowing Bitcoin to regain its upward momentum based on previous price cycles. The merchant explained:

“BTC offers more confirmation for further downside than reasons to be bullish right now. The opposite will be true when Bitcoin clears its 7th, 8th and 9th week historical corrections in price discovery.

cooling period

CryptoQuant community analyst Avocado_onchain also believes that the current correction is a “cooling off” period and that the crypto market is still in the middle of an uptrend.

in one Recent analysisHe calmed investors by saying that another six-month correction period based on chain data is unlikely.

The 7-day simple moving average (7-SMA) of Adjusted Spent Output Profit Ratio (SOPR) is above 1 point but trending down. This movement indicates a decrease in profits for market participants.

This analyst added:

“Historically, when SOPR falls below 1, Bitcoin often rises as a pullback where short selling triggers a reversal – common in bull market patterns.”

Furthermore, the Miner Position Index (MPI) analyzed with a 7-day SMA shows that miners are not making massive transfers to exchanges. This reflects the maintenance pattern of large mining companies despite periodic sales movements to cover operating costs.

Derivatives funding rates have also declined, and Bitcoin has often bounced back from the indicator's sharp declines. The analyst explained that another pullback could occur if funding rates continue to decline, followed by bearish sentiment.

Finally, Avocado_onchain looked at total network costs and their 7-SMA, indicating less activity and a potential cooling phase. As a result, the excessive heat from recent record highs is subsiding.

Although chain data suggests that the macro bullish movement is still taking place, the analyst advised caution as short-term price movements remain unpredictable.

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