The recent price rise of Bitcoin (BTC) over $90,000 could be some owners who are keeping an eye on the run to new records that have surpassed the $109,000 hit in January.
However, high passes may not be that easy. The latest analysis by GlassNode shows that the increase in sales pressure from some groups of market participants could be around $99,900.
Initially, a long-term holder defined in GlassNode as a wallet holding coins for at least 155 days may earn a profit at $99,900. This is consistent with the historical behavior of sales at a price level that brings about a paper profit of around 350%.
“Historically, LTHS will begin to actively distribute around an unrealized profit margin of 350%, consistent with the $99.9k $BTC price. As the market approaches this level, an increase in sell-side pressure is likely and requires strong demand to absorb it.”
The second source of sales pressure is the wallet that acquired coins earlier this year, when the largest cryptocurrency traded between $95,000 and $98,000. They may be tempted to launch a sale at $75,000 last month and withdraw their position at least partially with break-even or mild profits. This is consistent with aspects of trading behavior. This suggests investors will earn quickly while holding out to lose their position.
“A large amount of coins have been acquired between $95,000 and $98,000, meaning some $BTC holders could be left out at Breakeven. “A clean breakout could pave the way for price discovery over $100,000.”
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