After its recent positive dynamics display, the price of bitcoin returning to a six-digit assessment was the most popular story on the cryptocurrency market. However, the latest channel data suggests that a class of relevant investors could constitute a threat to the dream of the leading cryptocurrency to recover $ 100,000.
A successful break of $ 100,000 could open the way for prices: Glassnode
In an article on May 2 on X, the Blockchain Glassnode analysis company shared an overview of the behavior of long -term Bitcoin holders (LTH) and its impact on the trajectory of BTC prices in the coming days. Long -term holders refer to investors who have not moved their parts for more than 155 days.
According to the latest data on the chain, long-term Bitcoin holders have been in an accumulation phase in recent weeks, with more than 254,000 BTC aging beyond 155 days from the recent low prices. Glassnode added that most of these investors bought their parts above the price level of $ 95,000.
With the total offer held by these long -term long -term investors in long -term Bitcoin, this implies that their expenses have remained minimal and light – even in the face of downward pressure and the state of the uncertain market in the last month. This positive trend indicates the confidence and lack of interest of LTHs to reduce their exposure on the market.
Source: @glassnode on X
Glassnode, however, has noted that long -term holders often start to distribute their parts to 350% of the unpaid recipient margins, which corresponds to a bitcoin price of around $ 99,900. With the closure of BTC prices at this level, the analysis company estimates that increased pressure of the sale could be on the horizon for the flagship cryptocurrency.
In addition, Glassnode revealed that a large part of coins was bought in the region from $ 95,000 to $ 98,000, leading to the formation of a supply barrier. The price of bitcoin could attend a significant drop pressure if investors with their cost bases in this region decide to leave the profitability threshold or after a little profit.
The analysis company concluded that the potential pressure of the sale of the large BTC offer in the region from $ 95,000 to $ 98,000 and long -term holders distributing their parts around the level of $ 99,900 creates a major resistance barrier. However, a successful violation of the $ 100,000 mark could “open the way to discovery of prices”, because the range of parts above this price level is relatively light.
Bitcoin Price at a glance
To date, BTC is estimated at around $ 96,500, reflecting a price drop of 0.4% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock star image, tradingview graphic
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