Bitcoin long-term holders may affect BTC’s return of $100,000 – Here’s how
After showing positive momentum recently, Bitcoin’s price recovery to a six-digit valuation has been the most popular narrative in the cryptocurrency market. However, the latest chain chain data suggests that relevant investors could threaten the Prime Minister’s dream of cryptocurrency to recover $100,000.
A successful $100,000 break may open the road to price discovery: Glass Festival
In a May 2 article on X, blockchain analytics firm GlassNode shares insights into Bitcoin’s long-term holders (LTH) behavior and how it can affect the price trajectory of BTC in the next few days. Long-term holders are investors who have not moved their coins for more than 155 days.
According to the latest chain chain data, long-term Bitcoin holders are in the cumulative phase in recent weeks, aging over 155 days since the recent low price of 254,000 BTC. GlassNode added that most of these investors bought coins above the $95,000 price level.
As these Bitcoin long-term investors hold the total supply is rising, this means their spending remains small and bright – even in the face of bearish pressure and uncertain market conditions over the past month. This positive trend marks a strengthening of confidence, and LTHS lacks interest in reducing its market exposure.
Source: @glassnode on X
However, GlassNode notes that long-term holders often start to distribute their coins about 350% unrealized profit margins, which is versus the price of Bitcoin at about $99,900. As BTC prices rise at this level, analysts believe that sellers’ pressure may increase for flagship cryptocurrencies.
Additionally, GlassNode revealed that most of the coins were purchased in the $95,000-$98,000 area, creating a supply barrier. If investors decide to exit the cost base library within the region, the Bitcoin price may see huge downward pressure or exit after a little profit.
The analysis firm concluded that potential sellers pressure on large BTC supply is in the $95,000 to $98,000 region, and sellers around $99,900 distributed coins from long-term holders, creating major obstacles to resistance. However, successful violation of the $100,000 mark can “open the road to price discovery” because coins above this price level are relatively light.
The price of Bitcoin is clear at a glance
At the time of writing, BTC is worth about $96,500, reflecting a 0.4% drop in price over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured images from Istock, charts for TradingView
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