Can Bitcoin Reach $97K? Profit-Taking Pressure Hinders Breakout

Bitcoin’s price remains near its recent highs despite a dip, raising questions about the future trajectory of the cryptocurrency. Key factors contributing to this are declining on-chain activity from whales and increased profit-taking among existing holders. 2024 saw a significant decrease in Bitcoin network activity, with transaction volume and active addresses both seeing a decline. This is evident in the Coinbase Premium Gap currently at -5.07, indicating continued selling pressure from US-based traders. Despite recent gains, these metrics suggest a weakening demand for Bitcoin on-chain.