Following a surge past major resistance levels at $90,000 and $100,000, Bitcoin is now poised for further movement in a volatile short-term market. While recent price action has fueled optimism, Bitcoin has encountered resistance near the $105,000 mark and is currently consolidating between $100,000 and $101,000. This support zone has held strong so far, with dip buyers stepping in to mitigate declines. However, whether this consolidation will hold for a sustained push higher remains to be seen. 🤔 Short-term holders (STH) are a key player in this market, having re-entered profit territory when Bitcoin reclaimed $99,000 on May 8th. Since then, the STH Spent Output Profit Ratio (SOPR) has remained above 1, a signal of growing confidence from these participants – often an indicator of healthy price growth. However, analysts warn that as SOPR approaches 1.03, the risk of increased profit-taking increases. While some selling is expected, the current trend appears balanced with minimal panic buying or selling activity. CryptoQuant contributor Darkfost suggests the market could still see a further surge if Bitcoin can defend its current range and push for a new high. The recent price increase of Bitcoin has coincided with other altcoin markets making gains too, which might signal broader trends in the crypto space over the next few weeks.