Bitcoin has recovered steadily to approach $98,000, supported by a decline in exchange-held supply and signs of bottom formation. Short-term holders' profits have surged to their highest since January 2023, posing a risk of profit-taking that could stall further gains. A decisive move above $98,000 would signal bullish momentum towards $100,000, while losing key support at $95,000 could push prices lower near $93,471.

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