Bitcoin Holders Still Reluctant To Sell – Supply Active Data Shows Room For Upside

Bitcoin is consolidating between $117,000 and $120,000 after reaching a new high above $123,000. A key indicator, the percentage of supply active in the past 180 days, suggests potential for further growth. This metric is currently showing early signs of renewed supply activity. Analyst Axel Adler notes supply activity began rising in June as Bitcoin surpassed $100,000. The increase remains modest compared to previous cycle peaks, indicating a healthy cycle structure. If Bitcoin holds above $120,000, the 30-day supply activity could move into the 8–10% range. Bitcoin's 12-hour chart shows it trading around $118,267 within a defined range. Holding above the 50 and 100-period SMAs indicates solid mid-term support. A break above $122,000 could trigger a push towards $130,000. The current consolidation suggests market indecision or accumulation before the next upward move.