Bitcoin entered the opening days of 2026 trading near $94,000, as multiple on-chain and market structure indicators suggested a period of consolidation rather than directional expansion. Data shared by Checkonchain highlighted a large redistribution of supply beneath the surface, even as current prices remained range-bound.
According to Checkonchain, Bitcoin’s top-heavy supply concentration has declined from 67% to 47%, indicating that holdings previously grouped among large entities have become more evenly distributed.
At the same time, realized profit-taking activity has decreased, indicating reduced sell pressure from holders who accumulated at lower levels. Futures markets have also reflected a short squeeze, while aggregate leverage across derivatives venues has remained comparatively low, limiting systemic liquidation risk.
Chart data referenced in the analysis shows below a defined resistance band between $98,000 and $105,000. This zone aligns with the short-term holder cost basis and the 200-day moving average, both of which have historically acted as inflection points during trend transitions.
On the downside, a primary support region has formed between $80,000 and $82,000, where the market trend connects with ETF-linked demand. This area has absorbed recent pullbacks, indicating ongoing institutional participation during periods of weakness. A deeper downside reference is marked near $56,000, corresponding with the realized price and the 200-week moving average, levels historically associated with cyclical market lows.
Separate data from Santiment that wallets holding between 10 and 10,000 BTC accumulated 56,227 BTC starting December 17, a period that coincided with Bitcoin’s recent local bottom. Over the past 24 hours, Santiment reported that wallets holding less than 0.01 BTC have shifted toward profit-taking behavior. Historically, this combination has aligned with periods of market stabilization or short-term upside continuation.
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