Bitcoin's price has been stuck in a rut, unable to break through the $77,000 resistance level despite reaching a peak of $79,500.
The cryptocurrency has been consistently falling back below this level, and on-chain data suggests that organized sellers are behind this trend. Short-term holders (STHs) have been transferring their Bitcoin to exchanges, taking profits during price increases.
This behavior is not a panic signal, but rather a strategy that is weighing heavily on the BTC rally. The repeated short-term profit-taking is causing supply to flood exchanges, leading to stagnation in the Bitcoin price and discouraging buyers from entering the market.