Crypto analytics agency Glassnode is warning that Bitcoin (BTC) could quickly run up towards a robust resistance stage.
The agency says on the social media platform X that long-term holders (LTHs) of Bitcoin – entities which have stored their cash inactive for a minimum of 155 days – could begin promoting BTC close to the $100,000 stage based mostly on the unrealized revenue margin metric, probably inflicting a market correction.
“Traditionally, LTHs start distributing extra aggressively round a 350% unrealized revenue margin, which aligns with a BTC value of ~$99,900. Because the market nears this stage, elevated sell-side stress is probably going, requiring sturdy demand to soak up it.”
Glassnode additionally says that LTHs are gobbling up Bitcoin because it broke into the $90,000 vary late final month, suggesting it could quickly hit the $99,000 stage.
“Lengthy-Time period Holders proceed to build up, with +254,000 BTC growing older past 155 days for the reason that latest low – many purchased above $95,000. Spending stays mild, signaling renewed confidence and a scarcity of curiosity in de-risking at present costs.”
Lastly, the analytics agency says that if Bitcoin is ready to break by way of the $100,000 resistance stage, the flagship crypto asset will doubtless hit new all-time highs.
“A big cluster of cash was acquired between $95,000-$98,000, which means some BTC holders could exit at breakeven. This, mixed with rising LTH income, creates a key resistance zone. A clear breakout may open the trail to cost discovery above $100,000.”
Bitcoin is buying and selling for $96,675 at time of writing, flat on the day.
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