$BTC According to Cointelegraph, Bitcoin (BTC) is approaching a critical juncture as long-term holders (LTHs) are nearing a level of unrealized profit that historically prompts selling. Onchain analytics firm Glassnode warns that if Bitcoin's price continues to rise, it may trigger a significant increase in selling pressure from these older investors. The firm's latest newsletter, "The Week Onchain," highlights that LTHs are currently sitting on nearly 350% unrealized profits, a key historical level that often leads to profit-taking.

Bitcoin's recent surge to multimonth highs is tempting more hodlers, including those with "diamond hands," to consider taking profits. Glassnode's analysis, using various metrics to track investor profitability, indicates that aggregate LTH unrealized profits are approaching 350%. This level is crucial as it coincides with the $100,000 price zone, where LTHs typically ramp up their spending pressure. Glassnode explains that the average LTH is expected to reach a 350% profit margin at the $99.9k level, suggesting an increase in sell-side pressure as the market nears this zone. This area will likely require substantial buy-side demand to absorb the distribution and maintain upward momentum.