Bitcoin has risen about 10% in the past two weeks, once again returning to that familiar price range—$93,000 to $110,000. This range is not unfamiliar to BTC; at the end of last year, it caused quite a bit of trouble for the upward momentum.

According to on-chain data analysis, the situation is a bit different now. When BTC was above its all-time high of $100,000 last year, long-term holders who had been holding for more than five months were selling over 100,000 BTC weekly (equivalent to approximately $9.62 billion RMB). That scene was essentially a collective escape. But now, this number has significantly shrunk to about 12,800 BTC per week.

What does this mean? Profit-taking behavior is still ongoing, but the intensity is far less fierce than before. In plain terms, the selling pressure is indeed not as strong.

The problem is, each time BTC's rebound breaks through upward, it encounters new selling. Since November, the price has repeatedly tested this zone, trying multiple times to initiate a sustained upward trend, but all attempts have fizzled out near the lower end. It seems this has become a "boundary zone"—every upward attack feels like a struggle against existing supply pressure. To break through this wall, stronger buying support is needed.