Beware of Bitcoin Bulls: $99.9K May Test Your Mettle
According to blockchain data, Bitcoin bulls may face significant selling pressure around $99,900.
Omkar Godbole | Edited by Sheldon Rebeck May 6, 2025, 8:10 AM
What is important to consider:
- According to Glassnode, long-term BTC holders could lock in profits at $99,900, which is in line with their historical trend of selling at a 350% profit.
- Investors who purchased coins at prices between $95,000 and $98,000 also broke even.
The recent rise in the price of Bitcoin (BTC) above the $90,000 mark may prompt some holders to hope for a new record high above the $109,000 set in January.
However, the path to the top may not be so simple. The latest analysis from Glassnode points to possible increasing selling pressure from certain groups of market participants around $99,900.
Initially, long-term holders — defined by Glassnode as wallets that have held coins for at least 155 days — can lock in profits around $99,900. This is consistent with their historical behavior of selling at price levels that provide approximately 350% unrealized profits.
“Historically, long-term holders begin selling more aggressively when they reach 350% unrealized profits, which equates to a BTC price of ~$99.9k. As we approach this level, selling pressure will likely increase, which will require significant demand to overcome,” according to a research report from Glassnode on the X platform.
A second source of selling pressure could be wallets that purchased coins earlier this year when the leading cryptocurrency was trading in the $95,000 to $98,000 range. They experienced a sell-off to $75,000 last month and may be tempted to exit their positions at breakeven or with a small profit, at least partially. This is consistent with behavioral aspects of trading, which suggest that investors quickly lock in profits while holding on to losing positions.
“A significant group of coins were purchased in the $95k to $98k range, implying that some $BTC holders may be breaking even. This, coupled with the growing gains of long-term holders, forms a key resistance zone,” Glassnode said. “A clean breakout could open the door to a price level above $100k.”
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