Bitcoin Bulls Face Potential Resistance at $99,900

Traders in the Bitcoin market are observing rising selling pressures as the price approaches $99,900. Data from Glassnode indicates that long-term holders are likely to realize gains near this price, based on their historical patterns.

• Long-Term Holders and Profit-Taking: Investors holding Bitcoin for over 155 days might begin to sell their holdings to secure approximately 350% profits.
• Recent Purchases and Behavioral Trends: Those who bought Bitcoin between $95,000 and $98,000 may also sell to break even.

The current uptick in Bitcoin prices above $90,000 has rekindled hopes for reaching new highs, surpassing the $109,000 peak seen in January. However, the potential selling pressure at the $99,900 level could complicate the price ascent.

Historical Context of Selling Pressure

According to Glassnode’s analysis, as the price nears this threshold, the likelihood of increased selling could emerge, necessitating a strong demand to absorb the influx of sell orders.

“Historically, LTHs begin distributing more aggressively around a 350% unrealized profit margin, which aligns with a $BTC price of ~$99.9k. As the market nears this level, increased sell-side pressure is likely, requiring strong demand to absorb it,” Glassnode noted.

As this potential resistance level looms, traders are advised to remain cautious while navigating market movements.