Bitcoin short-term holders go silent as $120K breakout looms

- The selling pressure from short-term holders (SHT) decreases - Next resistance level to watch: $120,000 [Unblock Media] As Bitcoin (BTC) moves sideways around $118,000, on-chain data indicates that the selling pressure from short-term holders (SHT) is below average. This slowdown in selling suggests potential for future price increases, with the market focusing on the possibility of breaching the next major resistance level at $120,000. According to blockchain analysis platform CryptoQuant, STH (Short-Term Holders) have transferred approximately 21,000 BTC to centralized exchanges over the past 24 hours. This figure is lower than the daily average over the past week, indicating that short-term holders are not rushing to realize profits despite the price increase. STH are generally classified as addresses holding for less than a month, and their behavior is closely related to short-term sentiment. A reduction in the volume of STH inflows to exchanges is typically interpreted as a sign of low selling pressure. Simultaneously, as net BTC outflows from major exchanges (Binance, Coinbase) continue, some of the assets appear to be moving to long-term storage wallets, implying a potential spread of long-term holding strategies. The SOPR (Spent Output Profit Ratio) also recently recorded below 0.98, supporting a phase where holding tendencies surpass profit realization. Technically, the $120,000 level serves as the next major resistance. This area is where a large concentration of open interest in the options market was previously observed, making it a potential battleground between buyers and sellers. If $120,000 is breached, strong momentum could enter the market, potentially increasing external liquidity through factors like institutional demand and ETF fund inflows. Conversely, if the price falls back, profit-taking driven by perceived short-term peaks could lead to a correction down to around $112,000. On-chain data showing reduced selling pressure from short-term holders can be interpreted as a rare sign of market confidence in a rising price scenario. However, since the short-term trend can rapidly change depending on the $120,000 breach, investors should keep an eye on both technical indicators and on-chain trends.