Odaily News Glassnode published an analysis saying that due to the lack of strong upward catalysts and the increased risk of short-term pullbacks, long-term BTC holders are slowly selling.
The on-chain model shows key support levels: the 0.95 SSD percentile is at approximately $103,700 and the 0.85 SSD percentile is at $95,600. These levels need to be watched if profit-taking continues.