Delta Metric Says Bitcoin Has Room To Run – Approaching Historic Profit-Taking Zone

Bitcoin is trading around $97,000 after several days of heightened volatility and strong buying pressure, signaling renewed momentum in the crypto market. Bulls have clearly taken control, pushing BTC back toward its cycle highs and hinting at a potential breakout after months of selling pressure, consolidation, and macro-driven uncertainty. The price structure has flipped bullish across multiple timeframes, and traders are now watching closely for a clean push above the $98K–$100K resistance zone.

On-chain data adds a deeper layer to the market narrative. According to CryptoQuant, the “Delta” metric—used to measure how far Bitcoin’s market cap is above the average price at which coins last changed hands—remains a critical signal in identifying profit-taking zones. Over the past four years, historical patterns show that investors typically begin offloading positions once Delta reaches the 170% level. While current levels remain below that threshold, the rising trend suggests that the market is heating up.

As Bitcoin edges closer to new highs, Delta could act as a leading indicator of when selling pressure might emerge. For now, the trend favors the bulls—but as history shows, overheated metrics often signal the beginning of the next corrective phase.

Bitcoin Metrics Warns Of Profit-Taking Ahead

Bitcoin is facing a critical test as it struggles to reclaim the $100,000 psychological level. After surging to $97K, bulls have shown signs of exhaustion, and some analysts are calling for a short-term retrace. Despite this, there is still hope for the bullish case as BTC continues to hold above key support at $92,000. This level has acted as a strong demand zone in recent weeks, and maintaining it could set the stage for another attempt to break through resistance.

The macro environment remains uncertain, with global financial markets reacting to ongoing trade negotiations between the US and China. Tensions between the two nations continue to influence risk sentiment, keeping investors cautious even as crypto assets push higher.

Adler has highlighted a key on-chain signal: the Delta metric. Delta measures how far Bitcoin’s market cap is above the average price at which all coins last changed hands. According to Adler, historical data over the last four years shows that when Delta reaches 170%, investors typically begin to take profits—often leading to a sell-off. Currently, Delta sits at around 112%, meaning a 58 percentage point rise could trigger the next round of selling pressure.

Still, the market remains in a bullish position. Buying momentum is strong, corrections appear to be behind us, and technical structure favors continuation, so long as $92K holds. If bulls manage to push above $98K and reclaim $100K, Bitcoin could enter a new expansion phase. However, with Delta climbing and macro risks lingering, traders should stay alert. The next move could define the trajectory of the market heading into the summer.

BTC Testing Critical Resistance 

Bitcoin is trading at $97,088, pushing higher after a week of consolidation below key resistance. The daily chart shows BTC approaching the psychological $100,000 barrier, with price action forming higher lows and maintaining bullish momentum. Both the 200-day simple moving average (SMA) at $90,699 and the 200-day exponential moving average (EMA) at $86,514 have been reclaimed, reinforcing the underlying strength of the current trend.

This recent rally marks a critical phase for BTC, as price tests the upper bounds of a multi-month range established between $90K and $103.6K. A decisive daily close above $100K would signal a breakout and likely trigger renewed upside momentum toward the previous high at $103,600 and potentially beyond.

Volume remains steady, supporting the bullish structure. However, resistance at $100K has proven significant in the past, and traders should monitor for potential rejection or exhaustion. If Bitcoin fails to break out, support near $92K remains the key level to hold.

Overall, the trend remains bullish as long as BTC holds above the 200-day averages. With global markets stabilizing and on-chain metrics improving, a breakout above $100K could confirm a new phase of expansion for Bitcoin in the coming weeks.

Featured image from Dall-E, chart from TradingView