Breaking down the $BTC momentum picture—it's less mysterious than it looks. Short-term holders who accumulated around the $112.6k level are now facing reality. They reclaimed that cost basis, only to see it instantly rejected by the market.

Here's what's actually happening: the 3-6 month holder cohort is the culprit behind current price action. Their average entry point sits at $112.6k, and they're bleeding out. You're seeing a cascade of realized losses as they bail at breakeven or take minor losses just to exit.

The takeaway? $BTC isn't trapped in a holding pattern—it's working through a liquidation phase where weak hands are finally throwing in the towel. Watch for momentum shifts once this selling pressure subsides.