Bitcoin's recent surge is truly exhilarating! Watching it soar to $97,500, just a step away from the $100,000 milestone, the entire market sentiment is starting to become 'delicate.' Don't just look at the soaring price; the underlying currents are the real highlight — long-term holders' unrealized profits have reached 350%, and a historic selling critical point is quietly approaching.
350% returns in hand, how much longer can the HODL faith hold?
The latest data from blockchain intelligence giant Glassnode reveals that Bitcoin's veteran holders — those who have weathered bull and bear markets and held for years — are now sitting on an astonishing 350% unrealized profit. Historically, whenever such high profits emerge, there is often a wave of selling pressure from profit-taking. In other words, although this group of 'die-hard fans' claims they will 'never sell,' when money is on the table, they may waver.
Glassnode highlighted a key price level: $99,900 — usually, this position is a concentration point for long-term holders to realize profits. To continue pushing the Bitcoin price higher, there must be enough 'buyers' providing support; otherwise, the market could easily turn.
The battle between bulls and bears is intense and turbulent.
Trader TheKingfisher revealed that the current trading data is extremely interesting:
Below $91,000, the liquidation of long positions is densely accumulated, meaning that if Bitcoin dips slightly, bulls will face significant losses.
Positions over $96,600 are relatively rare, indicating that the bearish defense line is not yet tightly established.
This unbalanced structure reveals a signal — there is short-term downside risk in prices, especially for those bulls who are heavily invested at high levels; they are now under significant pressure.
Technical Analysis: Bitcoin's stress testing
From a technical indicator perspective, Bitcoin is currently at a delicate 'line of life and death.' Its price is repeatedly testing the 111-day simple moving average (SMA), along with the short-term holding cost basis, both of which are seen as barometers of market sentiment. Although the current trend is temporarily stabilizing above these key levels, to confirm a genuine bullish structure, these levels must hold; even a slight loosening could trigger drastic changes in market direction.
The clash between bulls and bears, the ultimate battle is about to begin.
Currently, Bitcoin has reached new historical heights while facing tremendous psychological barriers. The selling expectations of long-term holders, the high-risk positions of bulls, and the key technical support are all simultaneously 'pressuring' the market. The $100,000 milestone is within reach, but to break through in one go requires not only market enthusiasm but also the resilience and depth of the market.
The calm before the storm is intensifying; the real drama is about to unfold — will you be a participant or a spectator?
