Bitcoin Breaks $112K, Mid-Cycle Sellers Loom

Bitcoin’s price has surged past the $112,976 mark, gaining 1.77% in the last 24 hours after a brief pullback from a peak near $124K. While the current price remains above crucial support at $112K, bulls face resistance as prices approach the $119K and $123K levels. On-chain data suggests a cautious market sentiment with reduced activity but an increase in long-term seller positioning. 80% of active addresses are currently holding for longer than one year, hinting at potential selling pressures to come.