Overview

• Glassnode reports that more than 95% of circulating bitcoin is in profit with the market trading above $117,000.
• Bitcoin is consolidating near $117,000, and analysts identify $120,000 as a critical resistance level.
• Widespread unrealized gains raise the risk of increased sell-side pressure and short-term volatility.
• Historical patterns show that high holder profitability often precedes distribution phases and price pullbacks.
• Market sentiment remains broadly optimistic even as traders prepare for potential breakouts or retracements.