Bitcoin Profit-Taking Not Yet In Full Swing – STH Back In Profit As BTC Crossed $99K

Bitcoin is trading around $103,000 after a multi-week rally that saw the price surge through major resistance levels, reigniting bullish sentiment across the market. The breakout above $90K and $100K unlocked strong momentum, but now BTC enters a critical test zone that will shape the weeks ahead. A successful push above the all-time high (ATH) near $109K could confirm the beginning of a new bullish phase, while a rejection or fakeout at current levels could trigger a sharp correction.

On-chain data from CryptoQuant adds context to this pivotal moment. Since May 8th, short-term holders (STH) have finally moved back into profit territory as Bitcoin reclaimed the $99,000 mark. The Spent Output Profit Ratio (SOPR) for this group has remained above 1 ever since, indicating that STH are now selling coins at a profit. Historically, this metric reflects growing confidence and momentum, which are essential for sustaining an uptrend.

However, the same data also warns that as SOPR rises, so does the likelihood of increased sell pressure. For now, the trend remains bullish, but Bitcoin’s ability to maintain this zone—and break above ATH—will determine whether the market accelerates higher or pauses for consolidation.

STH Regain Profits As Bitcoin Eyes ATH Breakout

Bitcoin is showing solid bullish momentum after reclaiming key resistance levels, but a breakout above the $109,000 all-time high remains critical to confirm the start of a full-scale rally. After peaking near $105,000, BTC faced moderate selling pressure and pulled back into the $101K–$100K support range, where buyers have stepped in to defend the move. This area now serves as a pivotal demand zone, and bulls must hold it to maintain market structure and push higher in the coming sessions.

According to CryptoQuant analyst Darkfost, a significant trend has emerged since May 8th—short-term holders (STH) are finally back in profit as Bitcoin crossed above the $99,000 mark. Their SOPR (Spent Output Profit Ratio) has remained above 1 ever since, signaling that coins spent by STH are being sold at a profit. This is a crucial development because when STHs are in profit, they tend to support market momentum rather than capitulate under pressure.

Darkfost highlights that when SOPR begins pushing toward 1.03, it often suggests growing sell pressure from profit-taking. However, that’s not currently the case. While some profit-taking is natural, the broader sentiment appears confident, with holders showing signs of restraint. “It feels like we’re just getting warmed up,” says Darkfost, suggesting this rally may have more room to run, provided Bitcoin can hold support and retest local highs.

BTC Price Consolidates Around Key Levels

Bitcoin is currently trading at $103,585 after a strong rally that began in late April and peaked near $105,000. The daily chart shows that BTC has entered a critical consolidation phase just below key resistance. After breaking through the $100,000 psychological level with high momentum, price action paused at $103,600—an area that now acts as short-term resistance.

Despite a minor retracement to around $102,000, bulls have quickly defended the dip, signaling strong demand. Volume remains elevated, and BTC is comfortably trading above both the 200-day simple moving average (SMA) at $91,967 and the 200-day exponential moving average (EMA) at $87,674, confirming a sustained uptrend.

The market is now in a wait-and-see mode as traders look for confirmation of a breakout or signs of a deeper pullback. A close above $103,600 would likely trigger a push toward the all-time high of $109,000. Conversely, losing the $100,000–$101,000 zone could invite bearish pressure and a retest of lower support levels near $96,000.

Featured image from Dall-E, chart from TradingView