Bitcoin Rally Nears $98K Wall as Local Top Signals Flash
The post Bitcoin Rally Nears $98K Wall as Local Top Signals Flash appeared on BitcoinEthereumNews.com.
Bitcoin tests $98K resistance as Capo flags a local top and risk of short-term distribution. LTH profits near 350% at $99.9K, a level historically tied to cycle tops and heavy distribution. RSI nears 70 as whales withdraw $200M; Taker Buy Ratio spikes to 1.142 on Binance. Bitcoin’s strong rally from April’s $75,000 low might be at the risk of a halt as the $92,000–$98,000 resistance band stands strong. Popular market analyst Capo of Crypto warned in a recent post that the current levels may represent a local top and possible “LTF distribution.” “Above $92k–93k → Bullish, but strong resistance at $96k–98k. Below $92k → Bearish,” Capo noted, highlighting the high-risk, high-reward zone Bitcoin has entered. His chart further projects a potential “real capitulation event” if BTC is rejected from this resistance and fails to hold key support near $92,000. On-Chain Metrics: Long-Term Holders Near Peak Profit According to Glassnode, long-term holders (LTHs)—those holding BTC for more than 155 days—are approaching a critical profitability threshold. The latest report shows that the average unrealized profit for these holders will hit approximately 350% if BTC reaches $99,900. This level is historically linked to large-scale distribution events where holders sell. Notably, LTH supply has increased by 254,000 BTC over the last two months. Despite their reputation for diamond hands, LTHs have shown a clear tendency to take profits near macro tops, as seen during rallies in 2021 and 2023. Related: Bitcoin (BTC) Price Prediction May 2025: Can BTC Break Above $96K or Face Resistance? Market Data: Taker Buy Ratio Spikes The Taker Buy/Sell Ratio on Binance recently spiked to 1.142, the highest level in its current range. This indicates that market participants are aggressively buying at market price, not waiting for dips; a clear sign of bullish FOMO. Further, a sharp $200 million BTC…
Filed under: News - @ May 2, 2025 9:28 pm