#bitcoin
Bulls Eye $100K, But Resistance at $99.9K Looms Large
On-chain data suggests a significant challenge awaits Bitcoin bulls just shy of the $100,000 mark, with key profit-taking levels aligning at $99.9K.
As Bitcoin ($BTC ) surges past the $90,000 mark in its latest rally, investor optimism is high for a fresh all-time high, potentially breaking past January's $109,000 peak. However, new data from blockchain analytics firm Glassnode signals that the path forward may not be smooth, with formidable resistance expected at $99,900.
According to Glassnode, long-term holders (LTHs) — investors who typically accumulate BTC and hold through volatility — tend to start distributing their assets more aggressively when they reach about a 350% unrealized profit margin. This historical trend aligns with a BTC price of approximately $99.9K.
"Historically, LTHs begin distributing more aggressively around a 350% unrealized profit margin, which aligns with a BTC price of ~$99.9K," Glassnode stated in a recent post on X. "As the market nears this level, increased sell-side pressure is likely, requiring strong demand to absorb it."
Adding to the selling pressure, there is a notable cluster of wallets that acquired $BTC between $95,000 and $98,000 earlier this year. These investors endured the drop to $75,000 in April and may now look to exit
at breakeven or a modest profit.
"A large cluster of coins was acquired between $95K–$98K, meaning some $BTC holders may exit at breakeven. This, combined with rising LTH profits, creates a key resistance zone," Glassnode added.
This convergence of psychological and technical factors creates a critical juncture for BTC. If bulls can muster enough momentum to break cleanly through the $99.9K level, it may open the door to uncharted territory and further price discovery above $100,000.