Bitcoin at a Crossroads as Key Support Metric Faces Pressure, Says Alphractal

Bitcoin may be on the edge of a major shift, according to a fresh market assessment by analytics firm Alphractal.
The firm points to a crucial on-chain metric—the Long Term Realized Cap Impulse—which has now hit a historically important support level, often tied to trend reversals.
This metric tracks the behavior of seasoned holders and how they respond to price movements. Alphractal outlines two likely paths from here: either the support holds and signals confidence among long-term investors, or it breaks—potentially triggering a deeper selloff as even committed holders begin to exit.
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The firm also observed a recent wave of liquidations targeting short positions, particularly over the past week. This suggests increased volatility could follow, with market makers possibly adjusting or offloading their positions in response.
While the market waits for confirmation, Alphractal underlines one key point: how long-term holders act now could set the tone for Bitcoin’s next move—whether it’s a rebound or a broader retreat.