Bitcoin's price is currently just below $109,000, reflecting a slight increase of 0.4% over the past 24 hours and over 5% growth in the last week.

This price point comes after a strong performance last week, although it remains approximately 4% below its recent all-time high of nearly $113,000.

Recent on-chain data indicates that short-term holders (STH) of Bitcoin are distributing their assets, which may signal a slowdown in price increases.

The Bitcoin Supply Held By Short-Term Holders indicator shows a decline, suggesting ongoing distribution by these investors following the recent price surge.

Historically, significant declines in supply held by STH often coincide with major price cycle tops, indicating that the current bull cycle may be nearing its end.

Market analysts from Alphractal suggest that while some upward movement for Bitcoin is still possible, macro on-chain signals and halving cycle patterns could lead to significant corrections after October 2025.

Despite the distribution by short-term holders, Bitcoin reached new all-time highs in 2021, suggesting there may still be potential for price increases in the near future.

The realized price for short-term holders is approximately $94,500, which serves as a critical support level, while long-term holders have a realized price around $33,000.

This divergence in realized prices highlights differing behaviors between short-term and long-term investors.