Bitcoin (BTC) is nearing a crucial resistance level at $99,900, and traders are closely watching whether the leading cryptocurrency can maintain its momentum or if it will face a significant pullback.
After a surge that propelled Bitcoin above $90,000, the market now turns its attention to the $99,900 price point as a potential hurdle. According to recent analysis from Glassnode, the $99.9K level aligns with key historical resistance zones, and there is increasing concern that selling pressure could rise as the price nears this critical threshold.
Long-term holders (LTHs), who typically begin realizing profits once their unrealized gains approach 350%, are a key factor in this dynamic. As Bitcoin reaches the $99,900 range, these holders may start to offload their assets, potentially causing a slowdown in upward momentum.
“Historically, long-term holders tend to take profits at the 350% unrealized gain level, which aligns with the current price range. This could add significant selling pressure, especially if Bitcoin reaches the $99,900 mark,” Glassnode stated in its latest report.
In addition to the profit-taking by LTHs, traders who bought Bitcoin during the recent price surge may also decide to cash out near $99.9K, which could further compound the resistance at this level.
Despite these potential challenges, Bitcoin’s overall bullish trend remains intact. If the cryptocurrency can break through the $99,900 resistance, it could pave the way for further gains and bring Bitcoin closer to its next major milestone. However, if the resistance proves too strong, Bitcoin could experience a short-term pullback as traders take profits.
All eyes are now on the $99,900 level to see whether Bitcoin bulls can maintain their momentum or if the resistance will stall the rally.
