OG Bitcoin Holders Retreat: $100K Breakout Imminent

Bitcoin pushes toward $98,000 as veteran holders reduce selling activity while demand absorbs available supply at resistance levels.

Bitcoin climbed to approximately $97,900 after clearing critical liquidation zones between $94,000 and $98,500 over just two days. CryptoQuant data reveals the Value Days Destroyed metric sitting near 0.53, signaling sustained holder conviction as price tests multi-month resistance.

Long-dormant coins from holders who accumulated over five years ago have stopped flowing to exchanges at previous rates. The 90-day average of spent transaction outputs from this cohort dropped from roughly 2,300 Bitcoin during earlier cycle peaks to around 1,000 Bitcoin currently.

According to @CryptosR_Us on X, "OG selling at local tops has been rolling over. The last STXO peak was ~2,300 $BTC on a 90-day average. Today, it's closer to ~1,000 $BTC."

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Liquidations Clear Path Above $94K

The rapid climb eliminated most liquidation clusters positioned between $94,000 and $98,500. Short positions faced aggressive unwinding as price accelerated through resistance zones that typically contain rallies.

@ZordXBT noted on X, "The Liquidations above $94k to $98.5k have mostly been taken out now, just in 2 days. I am still firm on the fact that, either price will frontrun $98k to $100k, or simply smash through it."

Traders anticipate either a direct push through $98,000 toward six figures or a brief pullback to the $93,500 zone before continuation. The speed of the recent expansion left minimal opportunities for entry positioning at preferred levels.

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Supply Dynamics Shift as Holders Retain Positions

CryptoQuant analysis highlights how demand continues absorbing available supply while veteran holders maintain their positions off exchanges. The VDD metric's low reading suggests Bitcoin is entering a healthy expansion phase where buying pressure outpaces selling from profitable wallets.

@coinbureau shared on X, "A CryptoQuant analyst says Bitcoin is pushing higher while the VDD sits near 0.53, a notably low level. This signals a healthy expansion phase where demand absorbs supply and long-term holders keep their coins off the market."

The reduced activity from multi-year holders represents a significant behavioral shift. Earlier in the cycle, these wallets actively distributed coins as institutional buyers and sovereign entities provided deep liquidity. That selling window has narrowed substantially as price consolidates near all-time highs.

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Technical structures on shorter timeframes indicate potential liquidity grabs beneath $95,730 before reversals. Traders monitoring M15 charts look for market structure breaks and confirmation signals around the $94,000 level.

@LennaertSnyder posted on X, "$BTC consolidates after pumping to ~$97,900. For today's trades, I see two options basically. The first one is that we grab liquidity beneath the ~$95,730 low, and long the reversal."

The combination of reduced veteran selling, cleared liquidations, and sustained demand creates conditions where supply constraints could accelerate price discovery above current levels. Whether Bitcoin consolidates briefly or pushes directly through $100,000 will depend on how institutional flows and derivative positioning evolve over the coming sessions.

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3 Key Takeaways

1. Long-term Bitcoin holders reduced selling from 2,300 BTC to 1,000 BTC on 90-day average basis.

2. Liquidations between $94K-$98.5K cleared in two days, removing resistance barriers ahead.

3. Value Days Destroyed metric at 0.53 indicates sustained holder conviction during expansion phase.