Glassnode alerts that Bitcoin may face heavy sell-side pressure near $100,000, with long-term holders possibly selling at this resistance. They’ve been accumulating BTC since it passed $90,000, showing confidence. If BTC can break $100k, new all-time highs could be on the horizon, reflecting significant investor interest. Current price stands at $96,675.
A recent alert from the crypto analytics firm Glassnode indicates that Bitcoin (BTC) is nearing a crucial resistance level, which could lead to significant selling pressure from long-term holders. These entities have maintained their Bitcoin for over 155 days and may consider cashing out once the price approaches $100,000. Glassnode’s analysis notes that historically, selling increases when unrealized profits reach around 350%, which is in line with an approximated BTC price of $99,900.
Moreover, Glassnode has observed that long-term holders are actively accumulating Bitcoin since its ascent past the $90,000 range late last month. They’ve reportedly acquired more than 254,000 BTC that have matured beyond the 155-day mark, primarily buying in a range above $95,000. This accumulation suggests a robust confidence among holders as selling activity remains moderate.
The analytics firm warns that the approach of the $100,000 resistance level could amplify sell-side pressure, necessitating substantial demand to counterbalance potential market corrections. A significant portion of Bitcoin was purchased between $95,000-$98,000, indicating that some investors may opt to sell at breakeven should the price rise to that vicinity, adding to the pressure.
Crucially, if Bitcoin manages to surpass the $100,000 resistance, Glassnode predicts it could lead to new all-time highs. Current trading data shows Bitcoin at $96,675, unchanged from the previous day. A clean breakout past this looming hurdle may pave the way for further price discovery above the $100,000 mark, reflecting a pivotal moment for the cryptocurrency.
As always, investors are urged to proceed with caution. The Daily Hodl reminds readers that these insights should not be interpreted as financial advice, and individual due diligence is essential before making investment decisions in the volatile crypto market.
