BTC Price Stalls Below Resistance as Traders Take Profits
Bitcoin's recent price rally is showing signs of slowing down as open interest in futures falls by 4.39% in one day, a clear indication that traders are taking profits rather than adding new bets.
The price of BTC currently sits at $79,904 after a 1.43% gain over the past day, but momentum has flattened just below the resistance level of $81,337. The Relative Strength Index (RSI) is reading 80.21, deep in overbought territory, and the MACD line and signal line have converged at zero, indicating stalled buying pressure.
The situation gets more interesting when looking at the split between retail and larger traders. Retail accounts are net short, while top traders are positioned long, with slightly over half of them holding a bullish view.
Long-term holders control 1.05 million BTC priced between $83,000 and $86,000, a key price zone to watch. If these holders keep their coins, the path higher stays open, but if they sell at breakeven, the rally could slow down.