PANews reported on May 6 that according to Glassnode analysis, Bitcoin prices may face significant selling pressure when approaching $99,900. Data shows that long-term holders (wallets that hold coins for at least 155 days) usually start to distribute tokens more actively when they realize about 350% unrealized profits, and this profit level corresponds to a Bitcoin price of about $99,900. In addition, wallets that bought Bitcoin at a price range of $95,000 to $98,000 earlier this year may choose to close their positions or make a small profit when the price rises back to this range, which may further increase selling pressure.
Glassnode pointed out that this price range formed a key resistance level. If Bitcoin can effectively break through $99,900, it may open the channel to price discovery above $100,000. Previously, the price of Bitcoin has broken through $90,000, and the market is concerned about whether it can set a new high and exceed the record of $109,000 set in January this year.
