70% Bitcoin Short-Term Holders in Profit, $116900 Resistance
Onchain analytics firm Glassnode reports that 70% of Bitcoin short-term holders are currently in profit, reflecting market stability despite recent price pullbacks. The profit-taking metric among these holders has cooled to 45%, indicating neutral sell pressure. On August 5, Bitcoin ETFs recorded a net outflow of 1,500 BTC—the largest since April 2025—although historical trends show such ETF outflows are typically brief. Glassnode flags $116,900 as a critical resistance level: a decisive break above could signal renewed bullish momentum, while failure to clear it may risk a deeper correction toward $110,000. With Bitcoin trading near $116,800 and up over 2% in 24 hours, traders should monitor Bitcoin short-term holders’ behavior, ETF flow trends and the $116,900 resistance to gauge both short- and long-term market direction.
Neutral
While 70% of Bitcoin short-term holders are in profit and profit-taking pressure has eased to 45%, the key resistance at $116,900 remains unbroken. Recent ETF outflows were the largest since April 2025 but historically short-lived, suggesting limited sustained sell-side pressure. Bitcoin’s slight 2% gain and stable onchain metrics point to market equilibrium rather than a clear directional bias. Traders should watch the $116,900 threshold for a potential bullish breakout, but until then the outlook remains neutral.