Is Bitcoin's 13% breakout still on the way? Profit-taking surges by 150%. BTC charts and on-chain data provide the answer.

On January 19, Bitcoin’s price experienced a pullback after a rally, but the key structure remained intact. On January 14, Bitcoin reached its first regional high since 2026, then retreated nearly 6%, briefly dropping near $92,000 before entering a consolidation phase. In the past 24 hours, BTC has slightly weakened again, but there are no signs of panic selling in the market.

From a technical perspective, the daily chart of Bitcoin still shows a classic cup and handle pattern, with the handle above the rising neckline, indicating that bulls are still accumulating at higher price levels. Meanwhile, since early November, the price has dipped at times, but the RSI indicator has gradually risen, forming a clear bullish divergence, reflecting weakening selling pressure.

The B2BINPAY analysis team points out that the current market looks more like a patient wait during an upward trend rather than a trend reversal. They believe Bitcoin is breaking out of the consolidation range that has persisted since mid-November 2025, and a brief pause could facilitate a retest of the $100,000 level.

On-chain data explains the core reason for this pullback. Profit-taking by long-term holders has become the main pressure source. Data shows that the NUPL of long-term holders has significantly declined in a short period, indicating that unrealized profits are being realized. In mid-January, long-term holders sold over 60,000 BTC within a few days, with selling pressure increasing by about 150% compared to earlier phases, but this is closer to healthy profit-taking rather than emotional panic selling.

It is worth noting that demand has not clearly exited the market. Analysis shows that the number of whale addresses holding over 1,000 BTC has continued to increase since January 12, and their accumulation behavior persisted throughout the price correction, indicating that institutions have not shifted to a defensive stance due to short-term volatility.

Price-wise, the market is engaged in a key zone battle. If Bitcoin re-establishes above $95,200, it could open the way toward $98,800 and higher targets, with the cup and handle pattern’s theoretical upside around 13%. Falling below $92,000 would weaken the pattern’s momentum, and dropping below $89,200 would mean the structure is invalidated.

Multiple signs indicate that this decline is mainly driven by profit-taking, and the medium-term bullish outlook for Bitcoin remains intact. The 13% breakout path still exists, but its realization depends on when long-term holders will stop selling and start accumulating again.