Analysis suggests that Bitcoin encountered selling pressure after rising to nearly $98,000, and long positions entered at the year's lows may consider taking profits.

ChainCatcher reports that CoinKarma, a cryptocurrency trading metrics analysis platform, stated, "BTC rose to nearly $98,000 this week, but upon approaching that price level, the market experienced its most significant selling pressure in recent weeks, causing a slight pullback. However, overall liquidity between buyers and sellers remains relatively balanced. Other key market indicators have not yet shown clear signals. Based on the current situation, long positions entered at relatively low points at the beginning of the year may consider taking profits, choosing to close all or part of their positions and wait for clearer signals before re-entering the market."