Bitcoin Price Surges Toward $120,000 Resistance Amid Rising Sell Pressure

Bitcoin has demonstrated strong bullish momentum in 2025, with its price supported by stability above the EMA50 and positive RSI signals, preparing to challenge a key resistance level near $120,000. Despite historical trends of August being a weak month for Bitcoin, early data in 2025 shows a departure from this pattern, with Bitcoin achieving significant gains in Q2 and July, supported by reduced selling pressure and enhanced liquidity. However, recent activity involving the movement of ancient Bitcoin coins suggests potential sell-side pressure as long-term holders may be reallocating or taking profits. On-chain data reveals that demand for Bitcoin is currently outstripping supply, with large volumes bought by short-term holders and substantial selling by long-term holders, amid a broader bull market. Technical factors such as the CME Bitcoin Futures gap and the formation of accumulation zones could influence short-term price movements, while the Bitcoin realized market cap surpassing $1 trillion highlights its growing macroeconomic significance. Overall, Bitcoin’s 2025 performance and market dynamics point to a possible structural shift in its seasonal behavior, though cautious monitoring remains essential given macroeconomic uncertainties ahead.