According to PANews on May 6th, glassnode analysis suggests that Bitcoin may face significant selling pressure when the price approaches $99,900. Data shows that long-term holders (wallets holding coins for at least 155 days) typically become more actively distributing tokens when realizing around 350% unrealized profits, which corresponds to a Bitcoin price of approximately $99,900. Additionally, wallets that purchased Bitcoin in the price range of $95,000 to $98,000 earlier this year may choose to close positions or take small profits when the price rebounds to this range, which could further intensify selling pressure.
glassnode points out that this price range forms a key resistance level. If Bitcoin can effectively break through $99,900, it may open a channel for price discovery above $100,000. Previously, Bitcoin's price has broken through $90,000, with the market focusing on whether it can set a new high, surpassing the record of $109,000 set in January this year.
