Bitcoin STH Panic! Is $104K the Key?

BTC's bullish trend depends on the market behavior of STH. SOPR is 0.99, which means that recent buyers are closing positions at a loss. Short-term holders of Bitcoin are selling at a loss. Since STH is highly sensitive to market movements, this may support the continuation of bullish momentum.

The recent decline in Bitcoin price is mainly due to STH's fear that Bitcoin price will fall further. If they continue to sell aggressively, Bitcoin price may fall further. To maintain momentum, Bitcoin must maintain above the key short-term holder (STH) realized price level. The main support level is at $103,000, and the lower limit is at $96,900.
At these levels, key STH price indicators converge, including: STH 1W-1M realized price, STH realized price, and STH 3M-6M realized price.
As BTC remains above $104,000, it is unlikely that the price will continue to fall because STH will be incentivized to hold rather than sell.

Clusters above this level have minimal impact on future trends. However, if BTC falls below $104,000, it must stay above $96,900 to remain stable. Failure to hold these levels could erase May's gains and send BTC down to levels seen after Trump's tariffs were implemented.
If you are confused about the direction of the transaction, you can follow Henry's footsteps and keep paying attention to the latest real-time trading signals.
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