After the latest view of positive speed, the price of Bitcoin returns to six -digit valuation Has been the most popular story in the Cryptocurrency market. However, the latest information on the chain indicates that a relevant class of investors can pose a threat to the main Cryptocurrency dream of recovering $ 100,000.
A successful $ 100K -Paus can open the way for price discovery: Glassnode
In a May 2 post on X, Blockchain Analytics Glassnode shared An insight into the behavior of Bitcoin long -term holders (LTH) and how it can affect BTC’s price track in the next few days. Long -term holders refer to investors who have not moved their coins for more than 155 days.
According to the latest information on the chain, Bitcoin long -term holders have been in a accumulation phase In recent weeks, with more than 254,000 BTC aging longer than 155 days since the last price was. Glassnode added that most of these investors bought their coins above the price level of $ 95,000.
With the total range of these Bitcoin long-term investors on the emergence, this means that their expenses have remained minimal and easy-to-get prior to baissertated pressure and the uncertain marketing conditions over the past month. This positive trend signals renewed confidence and LTHS deficiency in interest to reducing their exposure in the market.
Source: @glassnode on X
However, Glassnode noted that long-term holders often begin to distribute their coins about 350% unrealized profit margins, which corresponds to a Bitcoin price of about $ 99,900. With the BTC price closed at this level, the analyst company believes that increased pressure on the sales side may be on the horizon for the Cryptocurrency flagship.
In addition, Glassnode revealed that a large part of the coins were purchased within the $ 95,000 – $ 98,000 region, which led to the formation of a supply barrier. The Bitcoin Prize can witness a significant downward pressure on investors with its cost bases in this region decides to Exit on Breakeven Or after a little profit.
The analytics company concluded that the potential sales of the sales page from the large BTC offering in the $ 95,000 $ 98,000 region and from the long-term holders that distribute their coins around $ 99 900 levels create a large resistance barrier. However, a successful violation of the $ 100,000 brand “Open the Way for Price Detecting”, as the coin supply above this price level is relatively easy.
Bitcoin price
From this writing, BTC is valued to about $ 96,500, which reflects a decline of 0.4% over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Image from iStock, chart from tradingview
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