The recent Bitcoin Prix Rally (BTC) greater than $ 90,000 could have holders who plan to race for a new record exceeding $ 109,000 in January.
However, the higher path may not be so simple. The latest Glassnode analysis shows an increased sales potential of certain groups of market participants at around $ 99,900.
To start, long -term holders – defined by Glassnode as portfolios that have coins for at least 155 days – can benefit from profits at $ 99,900. This is aligned with their historical sales levels at price levels which offer approximately 350% of paper gains.
“Historically, the LTHs are starting to distribute more aggressively around an unrealized profit margin of 350%, which aligns with a $ BTC price of ~ 99.9,000. As the market approaches this level, increased pressure is likely, requiring high demand to absorb it,” said Glassnode in an analysis post on X.
A second source of sales pressure could be portfolios that acquired parts at the start of this year, when the largest cryptocurrency exchanged between $ 95,000 and $ 98,000. They resisted the sale at $ 75,000 last month and could be tempted to leave their positions at balance or minor profits, at least partially. This is in accordance with the behavioral aspects of trading, which suggests that investors quickly take gains while retaining loss positions.
“A large group of parts has been acquired between $ 95,000 and $ 98,000, which means that some $ BTC carriers can go out to balance.” Clean break could open the way to price discovery of more than $ 100,000. “
Read more: favorite lottery ticket for Bitcoin traders for the first half of the year – BTC call of $ 300,000
