Analytics Firm Issues Bitcoin Alert, Says BTC Approaching Area of Heavy Sell-Side Pressure – Here Are the Targets
Glassnode's crypto analytics firm warns that Bitcoin (BTC) can easily run against a strong level of resistance.
The firm Says On the social media X platform that the long-term holders (LTHS) of Bitcoin-creatures that maintain their coins that are inactive for at least 155 days-can start selling BTC near $ 100,000 levels based on Margin's misplaced metric, which is a potential cause of market correction.
“Historically, the LTHS starts distributing more aggressively around a 350% of the unknown income margin, which aligns with a BTC price of ~ $ 99,900. As the market approaches this level, increasing sales pressure is likely, which requires a strong need to absorb it.”
Glassnode din Says Those LTHs are spreading to Bitcoin because they were damaged by $ 90,000 in last month, suggesting that the $ 99,000 level could easily be hit easily.
“Long-term holders have continued to accumulate, with +254,000 BTC aging beyond 155 days since recently low-many-many bought more than $ 95,000.
Finally, the analytics firm Says That if Bitcoin could break at the resistance level of $ 100,000, the flagship of the crypto asset would likely hit new all-time highs.
“A huge cluster of coins has gained between $ 95,000- $ 98,000, which means that some BTC holders may come out of Breakeven. This, combined with increasing LTH revenue, creates a major resistance zone. A clean breakout can open a price detection path above $ 100,000.”
Bitcoin trades $ 96,675 at the time of writing, flat in the sun.
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