Bitcoin briefly climbed past $90,000 on April 22, driven largely by a surge in retail activity, but has since struggled to sustain momentum above the $97,000 mark.
Despite the pause near key resistance levels, on-chain data points to a healthier market outlook.
According to CryptoQuant data, the percentage of Bitcoin supply held at a loss has fallen sharply—from nearly a quarter of the total supply in early April to just 11% by May 2.
This shift suggests fewer holders are underwater, which historically leads to lower sell pressure and stronger bullish sentiment.
In absolute terms, around 2.17 million BTC—worth over $210 billion—is still being held at a loss. Although that figure is far from record lows, the sharp decline in distressed supply aligns with the ongoing rally.
Bitcoin has gained over 3% in the past seven days, trading at approximately $96,730 at the time of reporting. A push to the psychological $100,000 mark would require only a modest 3.38% uptick—well within reach barring any sudden negative catalysts.
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