Unrealized profits of long-term Bitcoin investors are nearing 350%, which could create selling pressure around the $100,000 mark.
According to the latest report from Glassnode, long-term Bitcoin holders (holding for over 6 months) are currently experiencing unrealized profits of approximately 350%. Historically, such high profit levels often lead to large-scale profit-taking.
Trader TheKingfisher also points out that there is currently a large amount of long liquidation orders sitting below the $91,000 price level, while the number of short orders above the current price is quite low. This reflects that the market is lacking upward momentum and is at risk of a downward correction.
Glassnode further notes that to maintain the upward trend, Bitcoin's price needs to surpass and stabilize above the 111-day simple moving average (111 SMA) as well as the average cost basis of the short-term holder (STH) group. Otherwise, the price could revert to the bear market price range and put many investors in an unrealized loss state.