Glassnode: Bitcoin may face strong sell pressure at $99,000

PANews reported on May 6 that according to Glassnode analysis, Bitcoin price may face significant selling pressure as it approaches $99,900. The data shows that long-term holders (wallets that have held coins for at least 155 days) typically start to more actively distribute tokens when realizing approximately 350% unrealized profits, which corresponds to a Bitcoin price of around $99,900. Additionally, wallets that purchased Bitcoin earlier this year in the price range of $95,000 to $98,000 may choose to close positions or take small profits when the price rebounds to that range, which could further exacerbate selling pressure. Glassnode pointed out that this price range has formed a key resistance level. If Bitcoin can effectively break through $99,900, it may open the channel to price discovery above $100,000. Previously, the price of Bitcoin had already surpassed $90,000, and the market is focused on whether it can set a new high, exceeding the record of $109,000 set in January this year.