• Bitcoin’s aggressive profit-taking by investors spark concerns of a local top forming near current levels.
• BTC climbed 2.47%, hitting a two-month high as momentum continued building.

Bitcoin [BTC] extended its upward streak, rallying from last month’s low of $76,159 to a two-month high of $99,412.

At press time, BTC hovered around $99,287, marking a 2.47% gain in 24 hours. Naturally, this strong upswing on its price charts has left most holders in profit.

However, the continued profit taking has left most analysts worried over a potential local top.

According to CryptoQuant analyst Mevsimi, Bitcoin’s 7DMA Net Realized Profit/Loss has remained strongly positive since early 2024, reaching +$1B/day.

Even after the March-April price drops, profit-taking behavior has remained relatively high.

This is historically consistent with late-stage bull market behavior where profit-taking dominates, even as price continues to rise.

This behavior echoes past late-stage bull runs, particularly in 2021, where profit-taking preceded a sharp market correction.

Having said that, the structure has shifted with ETF inflows—yet investor psychology appears unchanged, just scaled larger.

Thus, profit-taking patterns still align with historical cycles, but the speed and volume are amplified. According to the analyst, this signal is not calling a full macro top, but it’s flashing a local caution zone.

According to AMBCrypto’s analysis, although investors are aggressively taking profits, we are not there yet. As such, there’s still more room for growth, and a local top is currently unlikely.

For starters, looking at Bitcoin’s Long-Term Holder SOPR, it declined from 2.5 to 1.7. That decline suggested profit-taking is mostly by short-term holders (STH), not LTH.

With LTH still holding on, it’s unlikely to be a top, usually, a top emerges where LTH profit taking is extremely aggressive. LTH has been absorbing pressure from STH.

On top of that, the rise in dormant coins further strengthens the case for bullish conviction. Bitcoin’s total unspent supply rose to 19.53 million, while Coinbase’s unspent balance climbed to 1.77 million.

With dormant coins rising, it suggests that LTH is still bullish and continues to hold their positions.

Finally, Bitcoin’s MVRV, which is a good indicator of a market top, remains within normal range around 2.1. Historically, Bitcoin’s market top has emerged when its MVRV surpasses 2.5.

Back in 2021, MVRV hit 2.7 before a steep correction. Currently, there’s still headroom.

Simply put, Bitcoin still has more room for growth, and it’s not near a market top. With the recent price pump, BTC is still experiencing strong bullish momentum.

Therefore, after breaking out of $97k resistance, the next stop is $100k. However, if the leg up is a price pump before correction signaling a top, a retrace will see BTC drop to $94k.