Facing The Overhead Supply
Break Above $98k or Fade Continues.
Highlights
Price remains capped by dense overhang supply clustered around the STH cost basis near ~$98k.
Recent rallies reflect redistribution from top buyers and breakeven sellers, not a demand-led breakout.
Seller exhaustion near the True Market Mean continues to define local lows.
STH-MVRV Z-Score remains below zero, signalling weakening demand momentum since November.
Sustained acceptance above ~$98k is required before a credible path toward new all-time highs emerges.
