Analysis: Bitcoin's recent price action has been pressured by selling from holders who have held their positions for 3-6 months.

Bitcoin's recent attempt to break through the short-term holder (STH) cost base ($98,400) has been met with selling pressure from holders who have held their positions for 3-6 months. These holders, with an average cost base of approximately $112,600, increased their selling during the price rally, incurring significant losses and thus hindering upward momentum.