After the recent positive momentum was exhibited, the price of Bitcoin was the most popular story in the cryptocurrency market. However, the latest chain data suggests that investors in related classes can threaten the dream of reclaiming $ 100,000 in Pryptocurrency.
Successful $ 100K rest can open the way to the price discovery: Glassnode
In the May 2 posts, GlassNode, a blockchain analysis company, shared insights on how Bitcoin long -term holders (LTH) and the next few days can affect the price trajectory of the BTC. Long -term holders are investors who have not moved coins for more than 155 days.
According to the latest on -chain data, the Bitcoin long -term holder has been in accumulation in recent weeks and has been aging more than 254,000 more than 155 days since the recent low price. Glassnode added that most of these investors bought coins than $ 95,000 or more.
As the total supply of Bitcoin long -term investors has increased, it means that expenditures have been minimized and lighter according to the weak pressure and uncertain market conditions of last month. This positive trend signal renews trust, and the lack of interest in LTHS’s reduction in market exposure has reduced market exposure.
Source: @glassnode on X
However, GlassNode is a long -term holder that often begins to distribute a 350 percent of profit margins of coins, which is about $ 99,900 of bitcoin prices. As the BTC price ends at this level, the analytical company believes that the increase in sales pressure may be on the horizon of the flagship cryptocurrency.
The GlassNode also found that it is a supply barrier by purchasing many coin masses within the $ 95,000 -$ 98,000 area. Bitcoin prices can witness a significant decline pressure if an investor with a cost base in this area decides to go out in Breakeven or after a little profit.
The analysts concluded that the potential sales pressure of long-term holders, which distributed $ 99,900 coins from long-term owners of $ 95,000-98,000, produces major resistance barriers. However, because the coin supply of this price is relatively light, if you successfully violate the $ 100,000 mark, “You can open the way to the price discovery.
Bitcoin price at a glance
At the time of this article, BTC is about $ 96,500, reflecting a 0.4%drop in price over the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock’s main image, TradingView chart
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