Bitcoin's recent price movements are influenced by reduced selling pressure from short-term holders, according to CryptoQuant analyst Axel. The current BTC price is below the Short-Term Holder Realized Price, indicating that many short-term holders are at a loss. This situation limits their ability to sell profitably, creating a local resistance at the $100,000 level. Axel notes that a critical market deterioration could occur if the Simple Moving Average remains below the zero line, signaling a shift to a distribution phase. The market's strength could be confirmed if BTC closes above the short-term holder realized price, potentially leading to increased selling once the $100,000 level is reached.