Amid the stable market conditions witnessed on Friday, on-chain analytics platform Glassnode has spotted a key resistance zone for Bitcoin. Recent metrics suggest that some $BTC holders may be making an exit soon.
The analytics firm has revealed that Bitcoin will be weighing between bullish momentum and sell-side pressure from long-term holders soon, as the cryptocurrency moves toward the next breakout level while LTHs will be looking to take profits.
Bitcoin to $100,000: how soon?
While recent movements have seen Bitcoin closely approaching the $100,000 mark, a key resistance zone may halt its rally in the short term, as CoinGlass data shows that a significant number of BTC were acquired between $95,000 and $98,000.
This implies that many holders may be eyeing a breakeven exit, thereby causing a temporary decline before the next breakout point.
While long-term holders often contribute majorly to bullish momentum, they have the power to influence Bitcoin’s price potential at a time like this. Although it is uncertain when the roadblocks will occur, Bitcoin is already establishing stable trends, signaling an emerging price retreat.
According to the analyst, Bitcoin long-term holders may be distributing more aggressively once their unrealized profits hit around 350%. This corresponds closely with a Bitcoin price of roughly $99.9K.
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If Bitcoin can neatly cross this level, the crypto will become open to a fresh breakout, thereby opening its path to discovering new price levels above $100K.
While Bitcoin has shown resilience in recent price movements, it maintained a stable position during the later hours of May 2nd after rallying as high as $97,811 earlier. The token is trading steadily at around $97,050 as of press time, according to data from CoinMarketCap.
Amid its resilient signals, Bitcoin has secured investors confidence as further data shows that over 254,000 BTC have remained untouched for more than 155 days.
While many of the BTC were bought at above $95k, it appears that many long-term holders are still willing to continue accumulating the token and hold even through volatility.