The recent Bitcoin (BTC) price rally above $ 90,000 could have some holders observing a race towards a new record that exceeds the success of $ 109,000 in January.
However, the highest path may not be so simple. The last Glassnode analysis shows potential for a higher sale pressure of some groups of market participants in around $ 99,900.
To begin with, the long -term headlines, defined by Glassnode as wallets that have had coins for at least 155 days, can obtain profits at $ 99,900. This is aligned with its historical behavior of selling to price levels that offer approximately 350% paper earnings.
“Historically, the LTH begin to distribute more aggressively around a margin of non -350%gain, which is aligned with a price of $ BTC of ~ $ 99.9k. As the market approaches this level, it is likely that the pressure on the side of the sale is probable, which requires a strong demand to absorb it,” said Glassnode in an analysis analysis in X.
A second sales pressure source could be wallets that acquired coins earlier this year, when the largest cryptocurrency negotiated between $ 95,000 and $ 98,000. Last month they resisted the sale of the sale of $ 75,000 and can be tempted to get out of their positions to equilibrium or minor gain, at least partially. That is consistent with the aspects of trade behavior, which suggests that investors rush to obtain profits while clinging to losing positions.
“A large group of currencies was acquired between $ 95k and $ 98k, which means that $ BTC holders can go out to break. This, combined with the increase in LTH profits, creates a key resistance zone,” said Glassnode. “A clean rupture could open the road to the discovery of prices above $ 100K.”
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