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The recent bitcoin (BTC) price rally above $90,000 might have some holders eyeing a run to a new record topping the $109,000 hit in January.
However, the path higher may not be so straightforward. The latest analysis by Glassnode shows potential for increased selling pressure from some groups of market participants at around $99,900.
For a start, long-term holders — defined by Glassnode as wallets that have held coins for at least 155 days — may take profits at $99,900. This aligns with their historical behavior of selling at price levels that deliver roughly 350% paper gains.
"Historically, LTHs begin distributing more aggressively around a 350% unrealized profit margin, which aligns with a $BTC price of ~$99.9k. As the market nears this level, increased sell-side pressure is likely, requiring strong demand to absorb it," Glassnode said in an analysis post on X.
A second source of selling pressure could be wallets that acquired coins early this year, when the largest cryptocurrency traded between $95,000 and $98,000. They weathered the sell-off to $75,000 last month and may be tempted to exit their positions at the breakeven or minor profit, at least partially. That's consistent with the behavioral aspects of trading, which suggests investors are quick to take gains while holding on to losing positions.
"A large cluster of coins was acquired between $95k–$98k, meaning some $BTC holders may exit at breakeven. This, combined with rising LTH profits, creates a key resistance zone," Glassnode said. "A clean breakout could open the path to price discovery above $100k."
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