On May 8, 2023, OKX market data showed that Bitcoin briefly surpassed $99,000, currently priced at $99,037, with a 24-hour increase of 2.15%.

Previously, Glassnode data indicated that short-term holders (STH) and long-term holders (LTH) of Bitcoin have been increasing their holdings since early March, and market confidence is recovering. This phenomenon of broad market accumulation provides some support for the Bitcoin price breakout. However, Glassnode also pointed out that there is significant resistance at $99,900, and on-chain data suggests that profit-taking may occur when LTH unrealized profits reach 350%; as the price approaches this area, selling pressure may intensify, requiring strong buying to absorb the selling pressure and maintain upward momentum.