Bitcoin price has pulled back, but the bigger structure has not broken. After the first peak of 2026 on January 14, BTC corrected by nearly 6%, briefly dipping toward the $92,000 area. Since then, the BTC price has stabilized, even though it still shows a roughly 2.6% drop over the past 24 hours.
At first glance, the move looks weak. But when you step back, both the chart structure and on-chain data suggest this dip may be controlled profit booking rather than the start of a deeper breakdown. The key question now is simple: is this just a pause, or is Bitcoin setting up for its next move higher?
On the daily chart, Bitcoin is still trading inside the handle of a cup-and-handle pattern. This matters because the handle is forming above a rising neckline. A rising handle shows buyers are stepping in at higher levels, which usually increases the chance of a successful breakout if resistance is cleared.
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Another supportive signal comes from momentum. Between November 4 and January 19, the Bitcoin price is making a lower low, but the Relative Strength Index, or RSI, is forming a higher low. RSI measures momentum by comparing recent gains to recent losses. When price falls but RSI improves, it signals selling pressure is weakening.
The analytics team at all-in-one crypto ecosystem B2BINPAY, in an exclusive commentary to BeInCrypto, said the price action suggests patience rather than exhaustion.
This bullish divergence suggests the broader three-month downtrend, during which Bitcoin is still down about 15%, may be losing strength. The divergence would gain confirmation if Bitcoin holds above $92,000 and starts pushing higher again. As long as the price stays inside the handle, the bullish structure remains intact.
So if the chart still looks constructive, why did Bitcoin drop in the first place?
The answer sits on-chain. The latest pullback aligns closely with profit booking by long-term holders, not panic selling.
Long-term holder NUPL, which stands for Net Unrealized Profit/Loss, fell from around 0.60 to 0.58 during the dip. NUPL measures how much unrealized profit holders are sitting on. A drop means profits are being realized. This was one of the steepest NUPL pullbacks on the monthly timeframe, similar to the decline seen between January 5 and January 10.