Bitcoin is struggling to break above $100,000 and may be preparing for a deeper correction or wider consolidation, according to on-chain data. The declining STH SOPR (short-term holder spent output profit ratio) suggests that short-term Bitcoin holders are increasingly selling their positions at a loss, possibly due to panic selling, forced margin trader sell-offs, or a decrease in confidence among traders. Whale liquidations have historically influenced market sentiment and increased volatility, causing wider sell pressure. If the selloff by whales continues, Bitcoin's price could move lower into bearish territory. However, some view this as an opportunity for accumulation and anticipate a renewal of Bitcoin's value as macroeconomic conditions improve. The correlation between stock prices and cryptocurrency prices remains strong, and fears of a stock market downturn could impact crypto prices. At the time of writing, Bitcoin is trading at $98,368.93, up 1.2% in the last 24 hours but down 11% from its all-time high.



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