Bitcoin dropped under 80,000. A lot of traders started to panic again. The price stayed around that level for days before finally slipping lower.. Even with this drop long term holders of Bitcoin still look very calm.

The group that usually holds Bitcoin for than 155 days is now sitting on the highest unrealized profit level in around 14 months. That normally means these Bitcoin holders are not rushing to sell Bitcoin. They are still holding their Bitcoin coins. Waiting.

This same kind of setup was seen before Bitcoin moves in 2020 and again in 2023. Then the Bitcoin market also looked slow before the Bitcoin price pushed much higher later.

Now Bitcoin still needs to move back above 82,500 to fully change the mood. That level has been acting like a wall for weeks. If buyers finally break through it the Bitcoin market could start looking stronger

Short term traders are having a rough time. In the 24 hours many traders who opened long positions got wiped out as the Bitcoin price moved lower. That shows the Bitcoin market is still dangerous for people trying to chase upside moves in Bitcoin. At the time selling pressure is still active in the Bitcoin perpetual market on Binance.

With that pressure the downside still looks limited for now. Liquidity data shows there are not strong levels sitting below the current Bitcoin price. Usually when that happens Bitcoin can dip for a time then bounce again once buy orders get filled.

For now the Bitcoin market feels stuck between fear and patience. Short term traders are nervous because of the volatility in Bitcoin. Long term holders of Bitcoin still look confident. Are barely moving their Bitcoin coins.

That is why this current phase feels like a waiting period for Bitcoin than a full trend change for Bitcoin. The next big move in Bitcoin will probably depend on whether Bitcoin can recover resistance levels and bring buyers back, into the Bitcoin market again.