Bitcoin, $99,000 Resistance line breakthrough attempt… Buying trend spreading

Bitcoin (BTC) is showing a movement to break through the major resistance line of $99,000, with both short-term and long-term holders starting to accumulate, Coindesk reported citing Glassnode data.

According to Coindesk, since last March, long-term holders (LTH) have purchased more than 250,000 BTC, bringing their cumulative holdings to over 14 million BTC. This implies that long-term holders are opting to hold rather than sell despite price increases, showing confidence in the market.

Short-term holders (STH) also participated in the accumulation trend. Over the past week, the Bitcoin purchased by short-term holders exceeded 25,000 BTC, reversing the net selling trend of about 200,000 BTC that had continued since February. This analysis indicates that short-term investors also joined the buying trend expecting price increases.

However, the $99,000 resistance line is a range where an unrealized gain of about 350% occurs for long-term holders (LTH). There are warnings that some selling pressure may occur at this point. Experts pointed out that for the upward trend to continue, strong buying pressure must be backed up in the $99,000 range.

The market is paying attention to the potential for an additional rally targeting the psychological resistance line of $100,000 if Bitcoin breaks through this resistance. On the other hand, if the breakthrough fails, a short-term correction may be inevitable, requiring cautious approaches from investors.